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Saturday, February 4, 2023
HomeCryptocurrencyRen Protocol (REN) Spikes 40% in Three Hours, This is Why

Ren Protocol (REN) Spikes 40% in Three Hours, This is Why

Contents

  • REN rocketing on Binance acquisition rumors
  • Ren Protocol (REN) virtually out of funding as Alameda collapsed

Cryptocurrency analyst who goes by @lookonchain on Twitter has shared observations a few latest spike of Ren Protocol’s (REN) value and its tokenomics standing.

REN rocketing on Binance acquisition rumors

Nameless blockchain researcher @lookonchain took to Twitter to share the attainable causes behind a shocking 40% pump of the Ren Protocol (REN) value. The token jumped from $0.1 to virtually $0.14 on main spot exchanges in lower than three hours.

As such, Ren Protocol’s REN confirmed the perfect efficiency out of all the highest 150 belongings on CoinMarketCap. The analyst is certain that the rumors a few attainable acquisition of Ren Protocol (REN) by Binance, the largest cryptocurrency ecosystem, have been the core set off of this magnificent upsurge.

His followers shared a video of a stream with Kyros Labs, Binance Ventures, BNB Chain and Alameda Analysis from Nov. 24, 2022, that confirms the idea in regards to the Binance acquisition.

By printing time, the REN value has undergone a correction: REN is altering fingers at $0.1273 on main spot buying and selling platforms, being 25% up in 24 hours.

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

Ren Protocol (REN) is without doubt one of the olders DeFi protocols in Web3. It launched in 2017 as Republic Protocol. Ren Protocol (REN) pioneered quite a few essential ideas for Web3, together with “darkish swimming pools” and B2B liquidity options.

See also  Toncoin (TON), VeChain (VET), And Charge That Crypto (RTC)

As coated by U.Immediately beforehand, the Ren Protocol (REN) crew has shared an announcement informing customers that with Alameda Analysis collapsing, it solely has sufficient funding for 5 weeks of operations.

Alameda acquired Ren Protocol (REN) in 2021.

To avoid wasting the event, Ren engineers introduced an additional funding spherical and determined to make governance processes decentralized and community-driven.

BitcoinMasterNews

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