Is Ren crypto an underappreciated DeFi token waiting for a boom?

Over the past few months, the cryptocurrency market has experienced a major bull run. Major coins like Bitcoin and Ethereum have reached new all-time high records. Even lesser-known cryptocurrencies like Safemoon, Shiba Inu Coin also rocketed in price. While the markets have been down for the past couple of weeks, a new coin called the Ren crypto has seen a major rise in price over the past 24 hours. Read on to know more about what Ren crypto is Ren price prediction. 

 

Ren Price Prediction 

Crypto price predictions can be difficult as the crypto markets are highly volatile. However, many crypto experts have given their technical analysis on the future price of Ren. At the time of writing, the price of Ren stands at $0.60. Wallet Investor predicts that the price of Ren could reach up to $1.39 in the span of a year. Digital Coin Price predicts that the price of Ren could go up to $1.32 by the end of 2021. GOV Capital predicts that the price of Ren could go up to $1.67 by the end of 2021. However, crypto price predictions should be taken with a grain of salt. 

About Ren Crypto 

As per their official blog, Ren crypto is Ethereum based token that powers Ren’s open protocol network that can be used for transferring cryptocurrencies between different blockchains. The team behind Ren aims to bring popular assets like Bitcoin and Zcash to blockchains like Ethereum making it possible for these crypto-assets to participate in a multi-chain decentralised ecosystem. The team behind Ren started building a decentralised dark pool (where the orders executed in the blockchain are hidden) in 2017 but later decided to focus more on the interoperability between different blockchains.

Recently, the Ren protocol launched their Polygon bridge, which caused the sudden rise in price. The major selling point of Ren protocol is the fact that any app based on the Ethereum network can use Ren’s interoperability layer in their smart contracts. DApp developers can smart contracts into their apps to utilise Ren’s cross-chain liquidity and make use of other crypto assets like BTC, BCH and ZCash. While this tech behind Ren protocol is quite innovative, as of now it has a very niche application. Stay tuned for more updates on cryptocurrencies. 

 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

 

IMAGE: REN CRYPTO TWITTER