Saturday, May 21, 2022

REN price rallies 60%, hitting a new high after recent DeFi integration


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Ren (REN) value underwent a robust 65% breakout on Feb.19 because the interoperability-focused protocol noticed persevering with accumulation from whale wallets holding greater than 1 million REN.

Information from Cointelegraph Markets and TradingView reveals that REN rose from $0.99 on Feb. 18 to ascertain a brand new all-time excessive of $1.84 on Feb. 19. The transfer to a brand new excessive occurred as REN’s buying and selling quantity additionally reached $704 million over the previous 24-hours.

REN/USDT 4-hour chart. Supply: TradingView

Consideration for the protocol acquired a noticeable uptick on the finish of January when it was introduced that Dogecoin (DOGE) could be built-in with REN, enabling the buying and selling of renDOGE within the rising DeFi ecosystem.

Since that point the REN ecosystem has continued to increase as extra top-tier tasks like Filecoin (FIL) have undergone the transformation to grow to be renFIL, which is now being considered for addition to the AAVE ecosystem.

Binance Sensible Chain integration strengthens REN’s use case

REN was buying and selling at $0.94 on Feb. 15 earlier than it was introduced that RenBridge 2 was stay and built-in with the Binance Sensible Chain. Since that point, the buying and selling quantity has steadily elevated in addition to the entire worth locked on the RenVM.

Complete worth locked on REN. Supply: Defi Llama

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for REN on Feb. 18, previous to the latest value rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

Cointelegraph Markets Pro – VORTECS™ Rating (inexperienced) vs. REN value

As seen within the chart above, the VORTECS™ rating started to extend following the announcement of RenBridge 2 on Feb. 15 and reached a peak of 81 on Feb. 18, shortly earlier than the value of REN started to spike upwards.

The latest integration with BSC has introduced renewed consideration to REN which was hampered by excessive transaction prices on the Ethereum community.

With decentralized finance heating up, interoperability between blockchain networks is turning into important for a well-functioning market and REN is rising as a key piece in cross-chain interplay.