All Time High From Ren, Target of Crypto Whales
Santiment said the whales bought the Ren this month, bringing the altcoin price to record levels.
All time high from Ren, the target of crypto whales, did. Behavioral analysis firm Santiment said that crypto whales purchased the Ren (REN) in February this year, pushing the altcoin’s price to all-time highs. Altcoin price rose to $ 1.80.
Ren is an open protocol that enables the movement of value between blockchains. At its core is RenVM, a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.
According to a report released by behavioral analysis firm Santiment, towards the end of January, whale addresses spiked enough to indicate that things had changed. The firm also noticed that “the amount of unique addresses interacting on the Ren network has been steadily increasing.” The firm also said that “the amount of new REN addresses per day is quite staggering.”
What’s Behind the Altcoin Interest?
Most likely, what more than anything contributed to the growing interest in Ren this month was the announcement on February 2 that “the Ren development team will join Alameda”.
The blog text shared by Ren includes the following statements:
“As part of the participation in Alameda, the Ren development team will prioritize support for fading in our Multichain libraries and RenVM itself. This support is currently under scrutiny, and we estimate that we can start building bridges between fading and assets in Q2. Doing so will have a profound effect on the serum and also on the wider ecosystem. ”
In addition, the Ren team used the following statements:
“This new partnership will have a wider impact on the blockchain space. Along with the ability to move ETH and ERC20s between chains, the ability to move SOL, SRM and other Solana-local assets between chains will be possible. This will help us integrate Solana more deeply into DeFi. It will bring more liquidity and benefits to their applications and assets. ”