Ravencoin (RVN), a Bitcoin fork designed for faster and cheaper transactions, experienced a dramatic price spike on Thursday, June 5, after being listed on Upbit, South Korea’s largest cryptocurrency exchange. The coin soared to a high of $0.027, marking a 155% intraday gain and a 210% jump from its April low, before retreating to around $0.016. Despite the pullback, Ravencoin ended the day with a market cap of $255 million and continued to command significant trading volume.
Upbit Listing Sparks Frenzy
The explosive move was driven largely by South Korean retail traders, who flocked to the token after its Upbit listing, which enabled local KRW-based purchases. According to CoinMarketCap, Upbit alone contributed $170 million to Ravencoin’s total $445 million daily volume an extraordinary figure for a mid-cap altcoin.
This type of price behavior has become a common pattern for tokens listed on Upbit. Previous examples include:
- Orca (ORCA) surged over 200% before dropping 70% within days
- Arkham rose 55%, while Kaito climbed 25% post-listing
- Livepeer and Pocket Network also enjoyed short-lived rallies on the platform
These spikes underscore South Korea’s impact on crypto markets, with the country ranking third globally in trading activity behind the U.S. and China. A recent report noted that average daily volumes on Korean exchanges exceed $12 billion.
Ravencoin Price Analysis: Can It Hold?
Technically, Ravencoin had been trending within an ascending channel since its April bottom at $0.008977. The token recently dipped to the lower boundary of this channel before forming what traders call a “God candle” a massive green candle that signals a strong bullish move on the Upbit news.
Despite the initial surge, RVN has since pulled back and now hovers around $0.0166. The daily chart shows the coin remains above both its 50-day and 100-day moving averages, as well as the upper edge of the ascending channel. However, with listing momentum cooling, a continued correction seems likely. Analysts warn of a potential dip toward $0.0125, Ravencoin’s swing low from August 2023 a level that would represent a 25% decline from current prices.
Final Thoughts
Ravencoin’s rally reinforces the significant influence South Korean exchanges like Upbit have on altcoin markets. While short-term pumps are common after such listings, they often give way to equally sharp corrections. For Ravencoin, holding the $0.0125–$0.015 range will be key to maintaining upward momentum as market excitement fades.
Investors should remain cautious, as post-listing volatility and broader market sentiment could drive further fluctuations. Still, Ravencoin’s fundamentals and active trading base suggest it may stay on traders’ radars well beyond the initial hype cycle.
