Why is Raiden Network Token (RDN) rallying today?

June 15, 2022 11:02 PM AEST | By Manu Shankar

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Why is Raiden Network Token (RDN) rallying today? — Image source: © Joykid9940 | Megapixl.com

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Highlights

Powered by the Ethereum blockchain, Raiden Network Token (RDN) crypto is an off-chain scaling solution that enables quick and cheap payments.

On 15 June, the RDN crypto was witnessing a rally of over 42.61% and a volume gain of over 567.80% at 12:30 PM (GMT+1), according to CoinMarketCap.

The RDA crypto was trading at US$0.098149 with a 24-hour trading volume of US$6,26,540, as per CoinMarketCap.

Powered by the Ethereum blockchain, Raiden Network Token (RDN) crypto is an off-chain scaling solution, which enables quick and cheap payments. The primary goal of the RDN crypto is to develop a state-of-the-art research state channel technology platform, which would develop reference implementations.

Dubbed as Bitcoin’s Lightning network equivalent, the RDN network offers greater scalability and completes the transactions far quicker than its peers. Even though it does not depend on a global consensus, RDN crypto ensures that all transactions don’t need to be recorded in the main Ethereum network for confirmation.

The RDN crypto on 15 June was witnessing a rally of over 42.61% and a volume gain of over 567.80% at 12:30 PM (GMT+1).

Why is RDN crypto witnessing a boom?

Although the exact reason for the RDN crypto is still unclear, the 820-ranked token has been on a bull run for the past 14 days. While the mood of the entire crypto market has taken a hit, the RDN crypto, on the other hand, has witnessed a rally of over 24.2% in the past 14 days.

The rally only got stronger over the week as it grew momentum and gained 39.7% over the past week, according to CoinGecko.

Raiden unlike other Ethereum networks doesn’t share the same disconnect when it comes to gas price tax computations. The push-pull relation between gas fees and on-chain transactions allows RDN crypto to seamlessly transfer large or small amounts at more or less equal fee structures.

Price and performance

The RDA crypto was trading at US$0.098149 with a 24-hour trading volume of US$6,26,540, as per CoinMarketCap. The RDA crypto was enjoying a live market cap of US$65,55,767 with 6,67,93,931 RDN coins in circulation on Wednesday.

While the rally has been impressive over the past two weeks or so, RDN investors must realise in crypto markets that the price of a token can never be taken for granted. Also, the price of crypto can change very quickly at any given point in time. Hence, the investors must factor in these factors before they make investment decisions.

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