Ren (REN) price underwent a strong 65% breakout on Feb.19 as the interoperability-focused protocol saw continuing accumulation from whale wallets holding more than 1 million REN.
Data from Cointelegraph Markets and TradingView shows that REN rose from $0.99 在二月. 18 建立新的历史高点 $1.84 在二月. 19. The move to a new high occurred as REN’s trading volume also reached $704 million over the past 24-hours.
Attention for the protocol received a noticeable uptick at the end of January when it was announced that Dogecoin (狗狗) would be integrated with REN, enabling the trading of renDOGE in the growing DeFi ecosystem.
Since that time the REN ecosystem has continued to expand as more top-tier projects like Filecoin (FIL) have undergone the transformation to become renFIL, which is now being considered for addition to the AAVE ecosystem.
Binance Smart Chain integration strengthens REN’s use case
REN was trading at $0.94 在二月. 15 before it was announced that RenBridge 2 was live and integrated with the Binance Smart Chain. 从那之后, the trading volume has steadily increased as well as the total value locked on the RenVM.
沃特克斯™ data from Cointelegraph Markets Pro began to detect a bullish outlook for REN on Feb. 18, 在最近的价格上涨之前.
VORTECS™ 分数, Cointelegraph专用, 是根据包括市场情绪在内的数据点组合得出的历史和当前市场状况的算法比较, 交易量, recent price movements and Twitter activity.
如上图所示, VORTECS™ score began to increase following the announcement of RenBridge 2 在二月. 15 and reached a peak of 81 在二月. 18, shortly before the price of REN began to spike upwards.
The recent integration with BSC has brought renewed attention to REN which was hampered by high transaction costs on the Ethereum network.
With decentralized finance heating up, interoperability between blockchain networks is becoming essential for a well-functioning market and REN is emerging as a key piece in cross-chain interaction.