What is Raiden Network Token and why RDN crypto rose 200%?

As the crypto market continues to tumble, the Raiden Network Token price surge (RDN) has caught investors’ attention as most virtual currencies continue to dip to their new lows in 2022.

At 8 AM EST, the RDN crypto was up by 203 per cent to US$ 0.09622 per token. Meanwhile, the one-day volume of Raiden Network Token was up by 225 per cent to US$ 149,428.

Also Read: Canada’s Newton crypto exchange hacked? Find out more here

Due to harsh market conditions, the crypto market’s capitalization has dropped below US$ 1 trillion for the first time since January 2021.

As per the data of CoinMarketCap, the global crypto market cap was US$ 927.4 billion at the time of writing. Crypto markets, like equities and other financial assets, have been under pressure as interest rates and inflation have risen. The crypto sector was also shocked by the collapse of the so-called stablecoin terraUSD and its sibling token LUNA in May.

Bitcoin, the most valuable and oldest cryptocurrency, fell even more after the Celsius Network suspended withdrawals and transfers between accounts.

What is Raiden Network?

As per the official website, it is a decentralized scaling solution, enabling its users for scalable and low-cost payments. The Raiden Network is compatible with ERC-20 tokens, and the Raiden project is still in the works.

The network was created as part of a mission to investigate state channel technologies, establish protocols, and create reference implementations.

The Raiden Network’s main goal is to bypass the blockchain consensus bottleneck. This is accomplished by utilizing a network of payment channels that allow for secure off-chain value transfers, i.e., without involving the blockchain in every transaction.

The Raiden Network Token is the native token of the network, and it can be used for different purposes like making payments and other things.

Bottom line

There is no apparent reason behind the price and volume surge of the RDN crypto. The virtual currency ranks 808 out of 19,856 cryptocurrencies, as per CoinMarketCap data.

Crypto assets are already risky, and amid a highly volatile market, investing in cryptocurrencies has become riskier for investors. Hence, the price rise of a cryptocurrency shouldn’t be the only factor for buying particular crypto.

Investors should research and assess their risk capacity before purchasing a digital asset.

Also Read: Why is NuCypher (NU) crypto skyrocketing with 20,000% volume gains?

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