What's going on with Ravencoin? up 23% in 24hrs; 400% in the past 30 days

24 Mar, 2019 | Updated: 24 Mar, 2019
by Will Heasman
News
What's going on with Ravencoin? up 23% in 24hrs; 400% in the past 30 days

Ravencoin is citing a supreme rise of 23% in the past 24 hours and, an even more magnificent 400% in the past 30 days alone. But why? what’s going on with Ravencoin?

The crypto market is appearing to pump in strange and unusual ways of late, and Ravencoin (RVN) is no exception, suddenly growing by 23% in the past 24 hours, in what is seemingly a continuous and impressive growth of 400% in the past month, breaching right past its Bitcoin (BTC) all time high and right on the verge of reaching a new all-time USD high, moving from $0.010 to $0.056 within 30 days.

RVN appears to be amongst the many altcoins that are often pumped by signal groups:

The erratic nature of the pump, and the seemingly uniform rise is particularly indicative of a pump and dump scheme undertaken by a pump group. Pump schemes typically work with a large group of people receiving a ‘signal’ after joining up to a private pump group. The leaders of the group will announce a date, time, exchange, and a coin to purchase, and more often than not, instantly dump.

It seems however that RVN hasn’t instantly dumped meaning that either the assumption of a pump and dump isn’t accurate, or a big dump is incoming…

This potential dump was noted by several users on the Ravencoin subreddit:

It's perhaps important to note that RVN itself doesn’t appear to be a pump and dump scheme but rather utilized by pump and dump groups who usually pick a cryptocurrency with a lower market cap to manipulate to their own benefit.

Do you think RVN is being artificially pumped? let us know in the comments! 

Read more:  What is going on with Ravencoin (RVN)? Best top 100 performer today
          

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