The growth in the blockchain has been nothing short but groundbreaking, with Bitcoin (BTC) and Ethereum (ETH) being the early pioneers, with so many projects evolving looking to provide real use cases to problems that have affected the traditional financial system.
With the emergence of cryptocurrency and other digital assets ranging from NFT, Metaverse, game tokens, DeFi, and utility tokens, it aims to bridge the gap between the financial system and how users interact with them. Most of these digital assets have proven to be worth investment, and we need to pay attention to them as they continue to revolutionize the blockchain space.
With enormous contribution by Ethereum and other smart contract projects aimed at having a tremendous impact on the blockchain, Ren, an ERC-20 token, is focused on incentivizing the crypto community of users to ease the transfer of assets across different blockchain networks by harnessing the power of blockchain technology.
REN aims to enhance the user experience of transferring assets across different blockchains; we will discuss more extensively Ren price prediction and help guide investors to understand the future of REN better.
What Is Ren(REN)?
Ren is a standard ERC-20 token that powers the Ren network; as a decentralized cryptocurrency platform, it aims to create a multichain DeFi ecosystem where crypto tokens like Zcash and Bitcoin can participate on the Ethereum network.
They also intend to capacitate a world of dApps where privacy is held in high regard by running applications in secret, even from the network participants.
The platform's newest product RenVM (REN virtual machine), is built for interoperability between DeFi chains and is designed to enhance a trustless and decentralized custodian that houses digital assets as they move from chain to chain.
Additionally, REN is used to run dark nodes; these are nodes that power RenVM on the REN network. All users who intend to power a dark node must hold about 100,000 Ren tokens in their crypto wallet before registering.
The maximum supply of REN native token is 1,000,000,000 REN, with a current circulating supply of 999,037,500 REN. It is ranked 167th in terms of market capitalization and has a market share of 0.11%. REN hit an all-time high of $1.86 and a low of $0.015 per REN.
Brief History Of Ren
REN token was birthed by Taiyang Zhang and Loong Wang, both software developers from Australia. It all started as a postgraduate puzzle when Zhang and Wang, at an Australian university, decided to work for a novel enterprise. But soon, they started their own company and began programming trading algorithms; eventually, they became renowned for their expertise in the field.
As a trading algorithm programmer, he noticed the hurdles faced by traders when trading digital assets. During his observation, he also discovered that the cause of this hurdle was that transactions on public chains included OTC purchases which also governs the volatility in prices.
All this led to the birth of Ren, initially called Republic protocol; Zhang made use of the ERC-20 framework to design the coin, and this was because it gave a permanent solution for OTC problems he noticed as a programmer.
Virgil Capital, an investment firm that specializes in angel investing and real estate, was the investor that gave Zhang his big break.
Further, Wang assisted Zhang in addressing Blockchain interoperability issues with his expertise in coding distributed database technology and inventing coding language for distributed ledger technology. Together they devised the protocol for the Ren project in the summer of 2017.
Currently, Zhang holds the position of advisor on the Ren network, while Loong serves as CTO (Chief Technology Officer). The platform had its ICO in 2018, divided into two parts. The first was the private sale in January 2018, and the crowd sale followed on February 3 of the same year.
In less than 24 hours, they made $34 million, and this is because a lot of prominent crypto platforms like poly chain capital, Huobi capital, and signum capital were fascinated by the project and made huge investments.
The Protocol Ren Is Built On
Ren operates on RenVM, a Byzantine Fault Tolerant machine that leverages zKSNARK and a secure multiparty computation algorithm to validate proof and run programs in zero disclosure.
Through this consensus, RenVM introduced a custodian that can house assets moving cross-chain by locking assets on one chain and minting its pegged equivalent on another chain; this way, users can interact with multiple chains, protocols, and investments in one transaction.
In addition, because RenVM is an available virtual machine, it can be used to replace trusted third parties bringing about a kind of secrecy and privacy of transactions that have never been seen before in the Decentralised Finance space.
What Makes Ren Different From Other Cryptocurrencies?
Ren performs blockchain-enabled transactions using advanced cryptography and algorithms without requiring time-consuming and complicated steps like wrapping.
In its initial stage as Republic protocol, it was meant to be a utility token for the Ren network. However, REN now functions as a bond for operating dark nodes after rebranding to a DeFi interoperability protocol.
Even though the Ren token has limited use cases other than operating nodes, it stands out among other cryptocurrencies because it encourages people to run dark nodes and earn cryptocurrencies like ETH and BTC
This not only makes RenVM more secure and scalable, but also increases the number of participants in the Ren ecosystem, in turn influencing the token market cap and price.
In addition, all returns on the charges for internal operations and dark node revenue on this privacy-preserving network are paid to miners instead of directing it toward personal gain. Also, being a standard ERC-20 token, Ren attracts various gas fees when powering transactions.
What Factors Determine The Price Of REN?
As a volatile asset, REN is affected by factors that can spiral its price down or spike in a positive direction. Some common factors that affect the price of REN include;
It's near impossible to downplay the role of demand in the factors affecting the price of a commodity, including crypto assets. The higher the demand for a cryptocurrency, the higher its perceived value becomes.
On the other hand, the lesser the demand, the lower the value of a cryptocurrency. In time, it may lose value so much that it becomes useless.
This has proven true for the Ren token in the past and may still affect it in the future. Following the public sale of the token in 2018, the team raised about $34 million at the rate of $0.06 per REN token. It continued to gain momentum and eventually reached $0.12 due to increased demand influenced by fear of missing out (FOMO).
After the market decline, the price of REN went down to its first all-time low of $0.1548 due to market fear. However, the market sprung to life, and in June 2020, it rose to $0.13, even reaching a peak of $1.83 in Feb 2021.
News And Project Development
News also plays a vital role in developing a cryptocurrency; after all, it's a medium that gives commodities wider acclaim.
Coupled with that is Project development; once a platform continues to work on its growth, they are viewed as genuine and trustworthy.
Ren has improved from what it was in 2018 to now because of numerous projects that have added to its development as a cryptocurrency platform. This, in turn, has strengthened the belief of users interacting with the network.
When there are many tokens in circulation, this overwhelms demand, leading to a loss in the value of a digital coin price.
For a crypto token to maintain value, there has to be some scarcity, and the asset's total supply must be fixed. That's how it is for Ren because it has a total fixed supply giving it an edge over fiat currencies and cryptocurrencies with an unlimited coin supply.
REN Past Performance: A Complete Price History Of RENUSD
Ren launched at $0.06 in 2018; it lacked momentum for some time and continued to drag between 0.03 and 0.12 USD after launch.
During the market crash in December 2018, it crashed to its first all-time low of $0.01548 in 2019 due to users' sentiments and fear over the crypto market's instability.
Eventually, it gained a bit of momentum and continued its previous circle, only this time it moved a bit forward to $0.03 and $0.13.
2020 was the beginning of a good radiance for REN price as it broke the $0.13 barrier and increased tremendously, all thanks to the bull market of that period.
Finally, Ren hit its first all-time high of $1.83 in 2021, with over 900,000,000 REN traded in the crypto market.
However, the token could not sustain the current all-time high, and the price dwindled to the $1 range. The unfortunate bear market, coupled with the decline in May 2022, did not help matters as it dragged down the prices of almost all assets in the market, including Ren, and its value lost three times its all-time high.
How Is Ren Doing Now?
Currently, REN is trying to stay afloat as the bearish market that started in early 2022 continues to drag crypto assets. Presently REN price is between $0.08 with a 24-hour trade volume of $10,596,718.
Short Term REN Price Prediction For 2023
2021 was quite a year for cryptocurrencies, but no doubt 2022 has brought with it turbulent times for digital assets, including REN. The table below shows the short-term REN price prediction for the year 2023.
Long Term REN Price Prediction For 2023, 2024, 2025
With the look of things, 2023 may prove to be a good year for Ren because it is anticipated to rise above the $0.16 threshold by the early part of the year and increase to $0.27 by the final part of the year. The table below displays Ren price prediction for 2023-2025
Long Term REN Price Prediction For 2026-2030
By 2030 REN must have been in circulation for about 12 years, the same range that Bitcoin is now. Some speculated that between these years, Ren must have seen a lot of advancements considering its use cases presently.
Below is a table that shows the REN price prediction for 2023 to 2030.
Long Term REN Price Prediction By Experts
Several crypto experts have predicted REN's price with automated analysis based on its market behavioral price pattern in past years and recent months. Experts like Trading Beasts, Cryptopolitan, Gov capital, and PricePrediction have been keenly interested in REN's growth and have followed it closely.
They have all come up with a long-term price forecast for the token. Still, as we know, it's impossible to predict the future of volatile assets like REN. Speculative analysis of the financial market can sometimes be flawed, always do your research as it's not financial advice
REN Long Term Forecasts By Trading Beast
Famous crypto prediction expert Trading Beast forecasted a long-term price for Ren from 2023 to 2025. They speculated that by January 2023, REN is supposed to be valued at $0.185 with a max price of $0.231 and a minimum price of $0.157. By the end of 2025, they estimated the average price for REN would be around $0.225, with a maximum price of $0.281 and a minimum of $0.191.
REN Price Estimate by Cryptopolitan
Experts on cryptopolitan platforms have made a long-term Ren price forecast spanning nine years, from 2022 to 2031. They forecast that by the end of 2022, REN's average price will be around $0.18, and by 2027 it's going to hit a new ATH of $1.22 as max price, with its average price to be approximately $1.07.
By 2031 the high increase of crypto adoption will spike its price to $5.90 as the max price and $5.02 as the average value.
REN Price Predictions by PricePredictions
Another well-known coin prediction expert, PricePredictions, has an optimistic view of REN, like Cryptopolitan; they expect REN to reach a value of $0.19 by the end of 2022. By 2030 it should have reached a height of $5.90 in value.
Price Prediction By Margex Technical Analysts
Margex is a Bitcoin-based derivative global cryptocurrency exchange that provides services such as 100x leverage trading and top-tier asset price predictions using AI technologies and price analysts with extensive technical knowledge. Margex forecasts cryptocurrency prices by comparing past price movements to automated price forecasts provided by other AI technologies.
REN appeared to be at a bottom around $0.07 after a massive drop from a region of $1.8 and had adequate support for a bounce. With the current market condition and relief bounce for all crypto assets, the price of REN could retest $0.22, which could prove to be strong resistance.
Crypto As A Financial Instrument
Cryptocurrencies are digital assets with financial value; they usher their holders into an environment where they can have financial security if they utilize the right medium. With the help of crypto, It is easy to gain monetary rewards. Still, at the same tempo, a user can lose all their life savings due to the volatility and instability of the crypto market.
Therefore to secure one is protected from this pump and dump uptrend, it is important to use well-known crypto trading platforms like Margex. Margex offers users the opportunity to participate in 100x leverage trading, and they also provide price prediction services which is a great help for long-term and intraday traders.
In addition, all cryptocurrencies available on the platform have been vetted through thorough scrutiny and found to be accepted for trading in order to protect their customers from scam projects and rug pulls.
Among other things, the Margex website runs a smooth and easy-to-use interface that is beginner friendly.
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REN Price Prediction Crypto FAQ: Commonly Asked Questions About REN.
Is Ren A Good Investment 2023?
Ren has the prospect of being a good investment considering its speculated price prediction by prominent prediction experts. They were optimistic about the Coin and projected that by the final part of 2023.
Experts can only speculate about price prediction based on past price movements, and crypto assets are very volatile in nature; therefore, always do your research.
Can Ren Reach $10?
Experts predicted that by 2030 Ren should be worth about $5.90, which is already above half of $10. Therefore, the possibility of the price reaching 10 dollars in the following years is very likely, but that's just speculation based on past price predictions by experts.
Who Owns REN Crypto?
Taiyang Zhang and Loong Wang created Ren in 2017. Originally it was named Republic protocol but was rebranded to Ren in 2019. Zhang currently serves as an advisor to the blockchain platform, and Wang fills the role of CTO.
How Much Will REN Be Worth In 2030?
Prediction by experts has made a price forecast that the crypto asset's value will shoot up in the year 2030 due to increased adoption of cryptocurrency, estimating its price to be around $5.90.
How Many REN Coins Are There?
According to the popular digital assets tracking website Coin Market Cap, Ren has a total supply of 1,000,000,0000 tokens, with 999,037,500 circulating in the crypto market.