Ren Protocol (REN) Spikes 40% in Three Hours, Here’s Why

Please fol­low and like us:
Pin Share


article image
Vladislav Sopov

REN, core native cryp­tocur­ren­cy of vet­er­an DeFi Ren Pro­to­col, out­per­forms all mid-caps, here’s how

Con­tents

Cryp­tocur­ren­cy ana­lyst who goes by @lookonchain on Twit­ter has shared obser­va­tions about a recent spike of Ren Pro­to­col’s (REN) price and its toke­nomics status.

REN rocketing on Binance acquisition rumors

Anony­mous blockchain researcher @lookonchain took to Twit­ter to share the pos­si­ble rea­sons behind a sur­pris­ing 40% pump of the Ren Pro­to­col (REN) price. The token jumped from $0.1 to almost $0.14 on major spot exchanges in less than three hours.

As such, Ren Pro­to­col’s REN showed the best per­for­mance out of all the top 150 assets on Coin­Mar­ket­Cap. The ana­lyst is sure that the rumors about a pos­si­ble acqui­si­tion of Ren Pro­to­col (REN) by Binance, the largest cryp­tocur­ren­cy ecosys­tem, were the core trig­ger of this mag­nif­i­cent upsurge.

His fol­low­ers shared a video of a stream with Kyros Labs, Binance Ven­tures, BNB Chain and Alame­da Research from Nov. 24, 2022, that con­firms the the­o­ry about the Binance acquisition.

By print­ing time, the REN price has under­gone a cor­rec­tion: REN is chang­ing hands at $0.1273 on major spot trad­ing plat­forms, being 25% up in 24 hours.

Ren Protocol (REN) almost out of funding as Alameda collapsed

Ren Pro­to­col (REN) is one of the old­ers DeFi pro­to­cols in Web3. It launched in 2017 as Repub­lic Pro­to­col. Ren Pro­to­col (REN) pio­neered a num­ber of cru­cial con­cepts for Web3, includ­ing “dark pools” and B2B liq­uid­i­ty solutions.

As cov­ered by U.Today pre­vi­ous­ly, the Ren Pro­to­col (REN) team has shared a state­ment inform­ing users that with Alame­da Research col­laps­ing, it only has enough fund­ing for five weeks of operations.

Alame­da acquired Ren Pro­to­col (REN) in 2021.

To save the devel­op­ment, Ren engi­neers announced an extra fund­ing round and decid­ed to make gov­er­nance process­es decen­tral­ized and community-driven.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *