This Cryptocurrency Exploded by 75% Following Support From Upbit

TL;DR

• One unexpected altcoin just went vertical, outperforming all cryptocurrencies from the top 100 club.
• Its impressive rally is likely driven by support from Upbit.

‘The Sleeping Giant Just Woke Up Today’

The low-cap altcoin Ravencoin (RVN) took center stage today (June 5) by registering a whopping price increase. Specifically, its valuation skyrocketed by over 75% on a 24-hour scale, jumping to a five-month-high of approximately $0.02.

RVN Price, Source: CoinGecko

Its market cap surged past $260 million, which represents serious progress, but RVN remains out of the top 250 cryptocurrencies.

Back in 2021, RVN was in much better shape, with its capitalization briefly touching the $2 billion mark. At that time, its price reached an all-time high of almost $0.30, meaning the current figure is 93% lower than the historic peak.

However, some industry participants believe the asset could restore its former glory. X user Vasil said, “the sleeping giant RVN just woke up today,” predicting this might be the beginning of a major pump.

The most likely reason fueling the recent spike is the support coming from Upbit. The leading South Korean crypto exchange listed the RVN/KRW trading pair, making some important disclaimers involving certain services:

“Deposits and withdrawals are only supported through the designated network (RVN-Ravencoin). Be sure to verify the network before depositing. Deposits and withdrawals are only possible from/to personally verified wallet addresses. Even if the deposit is made from a linked personal wallet, depending on the asset’s network, deposit returns may be necessary.”

Upbit’s Previous Impact

Last week, the exchange allowed trading services with Pocket Network (POKT) and Livepeer (LPT). The effort gave a serious boost to the prices of the involved assets. POKT exploded by 350% on a daily scale, while LPT headed north by 80% within the timeframe. 

A similar price reaction was observed in February and April. First, Upbit allowed users to trade the TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT pairs, which resulted in a substantial rally for the meme coin connected to the US president.  

Then, the company followed Binance’s example and backed DeepBook (DEEP). The valuation of the altcoin jumped by double digits shortly after the announcements. 

Such dynamics shouldn’t come as a surprise. After all, support from big industry players like Upbit increases the liquidity of the listed token, boosts its accessibility, and has a positive impact on its reputation.