As per the latest reports, the price of Ravencoin (RVN) has rocketed ever since the beginning of February 2021. The sudden surge in the price of the token was caused by the high volumes of token purchases that its platform experienced.
This has helped the price of the token to shoot through the charts and it has ended up experiencing a growth of 800%. As per stats, the 800% growth in the price of the RVN token has been observed in the last 20-days.
A couple of on-chain data reporting firms TradingView and Cointelegraph Markets have shared the surge figures for the token. As per figures, the price of the token back on January 29, 2021, was sitting at $0.016, which grew to $0.189 by February 19, 2021.
The on-chain reporting firms have revealed that by achieving $0.189 on February 19, 2021, RVN has hit an all-time high. However, the more surprising thing about the token is the trading volume is observed in the last 24-hours. The firms reported that RVN also experienced a surge with respect to trading volume and in the last 24-hours, it is gone all the way up to $1.28 billion.
The firms have also revealed that the platform has started gaining even more recognition through social media platforms. According to Twitter, the discussions and tweets around the RVN token have also increased since January 27, 2021.
It was back on January 27, 2021, when the company tweeted about the transformation of the stock markets. The tweet also suggested that the platform was also available for those who wished to issue assets and build services.
In the past couple of weeks, the traditional markets have started facing a lot of pressure due to the Reddit Army “r/Wallstreetbets”. The Reddit Army has caused a huge ripple in the traditional stock markets when it started supporting GameStop stocks.
This resulted in the stock prices of GameStop shooting through the charts for the first time ever. This forced majority of the traditional stockbrokers to suspend the GameStop trading service through their platforms.
Not only this, but the traditional stock brokers also barred the investors from investing and trading in several stocks.
Following the tweet from January 27th, the RVN team added another statement on January 29, 2021. In the tweet, the team reminded its followers and the community of its design and development. The team stated that the platform was designed/developed to offer the best use case for securities.
The firm stated that at present, some of the major problems are caused by bad ledgers. Therefore, the firm is of the view that by introducing distributed ledgers, a permanent solution to the problem can be made sure.