Since the beginning of the year, Cryptocurrency markets have made significant gains and reached all-time highs. Altcoins, like Bitcoin, have fallen in value since last week. A market correction had been overdue for a long time and this appears to be a good chance for long-term investors to get their favorite coins at a reduced price.
While the concept is the same, the execution is entirely different. Stocks are linked to corporations and the success of the firm can influence the price of the stock.
Ren stands for Republic Protocol, which is a platform that uses smart contracts to allow users to migrate crypto assets to various Blockchain networks. This has the advantage of removing the danger of wrapping or unwrapping the tokens.
After completing a $34 million initial coin offering (ICO) in 2018, the protocol was launched in May 2020. The protocol's native coin, REN, serves as a bond for the Darknodes that power RenVM.
Investors are always on the lookout for a good long-term investment opportunity and Ren is one of the most frequently asked coins among Cryptocurrencies. If you're thinking about investing in Ren but aren't sure if it's a wise idea, keep reading this article.
This article will discuss what REN is, examine the price history, and understand Ren (REN) price prediction for 2021 and beyond.
Ren was formed in 2017 by Taiyang Zhang and was first announced in January 2018 under the name Republic Protocol, with Zhang describing decentralized dark pool as it is the first use case. Ren (REN) is an open protocol that aims to bring liquidity and interoperability to various Blockchain platforms.
Ren is a sophisticated platform with numerous use cases, but it is ultimately intended to help DeFi projects overcome entry and funding constraints.
It allows DeFi projects to include other Cryptocurrency assets like Zcash (ZEC) in their offerings as a plug-in. Bitcoin (BTC) can also be added as a plug-in.
RenVM is a virtual machine that is made up of a network of virtual machines. Darknodes are the devices that provide electricity to RenVM's network.
Ren charges a variety of fees for internal operations, although the majority of them are paid to miners rather than directly to the company. REN, as an ERC-20 token, is subject to fluctuating gas fees when used to power transactions.
Ren currency is now trading at $0.37, and RenVM is designed in such a way that hackers may link it with other Blockchains such as Tezos.
When a confirmed block is capable of tracking the previous block, REN can detect fraudulent or false transactions by peers. REN is built on sub-zero-disclosure evidence (cryptographic methods) of the full Blockchain-enabled transaction, which is cross-checked without disclosing any information about the third party.
Ren employs powerful cryptographic techniques to enable Blockchain transfer of digital currencies without the usage of inconvenient middlemen like wrapped tokens. Ren encourages the transfer of additional Cryptocurrencies, such as Graph, to the Ethereum network, in addition to Bitcoin.
Ren also intends to integrate other Cryptocurrencies in the future, with the goal of eventually merging the entire crypto ecosystem.
Transaction processing generates commissions for Darknode operators. Rather than REN coins, these are paid in the token being converted.
Although this shows that the REN token is no longer useful, it also suggests that more people will be motivated to run darknodes in order to earn commissions in more widely used Cryptocurrencies such as ETH and BTC.
The Ren Virtual Machine (RenVM), which is controlled by a dispersed network of computers (called Darknodes), serves the Ren protocol. With the virtual machine, these computers share their storage space and computing power in exchange for a fee, allowing Cryptocurrencies to travel at breakneck speeds across Blockchains.
REN ICO, which was initially offered to the public at a price of fewer than 4 cents, had a spectacular launch, raising the price to 13 cents in May 2018. However, by winter 2018, the price of REN/USD had dropped to 1.5 cents, which was only a quarter of the ICO price of REN.
Ren made its debut appearance at the end of February 2018 with a price of around $0.08, and in less than two months, the price of REN decreased to $0.03. Then Ren's price passed $0.12, and by the end of August 2018, it had dropped below $0.02.
From there, the price rose somewhat, reaching $0.04 at the beginning of November 2018, and Ren's price was $0.02 at the end of 2018.
The price began to rise towards the end of May 2019, and by August 2019, it had risen to $0.14. It dropped to $0.03, and it ended the year with the same value. The minor corrections that occurred in the REN/USD price continued until the end of 2019 when it reached a difference of 9 cents.
The global pandemic arrived in the second half of March 2020, and REn's price declined to $0.03 from $0.08. Ren breached the $0.05 level in early September 2020 and began plunging towards the introductory price.
Amidst the introduction of COVID-19, a boom in the price of REN was seen. Based on this optimistic price behavior, REN is expected to reach $0.49 by October 2021. Additionally, by the end of 2021, the REN price may have surpassed the $1.4 mark.
Due to the non-linear nature of the growing trend, Ren will reach the $3 level by the first half of 2022 and then fall again within 2 months.
By the start of 2023, the REN price is expected to surpass $3. The high point for 2023 is anticipated to be $3.5, while the low point is expected to be $2. By the end of 2023, the average REN price is expected to be $3 (same as the year 2022).
By the beginning of 2024, REN is expected to reach $3.60 and the predicted price of REN for 2024 is $4.5. However, REN's price is expected to fall to $3. By the end of 2024, the average price of REN is $4.
Investors might expect a rise in REN’s price and keep their hopes high in the long run. As a result, the price of REN will hit $5.
Various media outlet organizations, like Gov Capital and Digital Coin Price, have given Ren currency a favorable long-term outlook. Let’s see what others have to say:-
According to Wallet Investor's Ren price prediction, the currency would achieve a minimum price of roughly $1.5 by the end of 2021, whereas the maximum price of $1.8 is predicted by the end of 2021.
By the end of 2021, the price of Ren coin will reach a price of $1.32, according to Digital Coin Price.
The price of Ren will $0.88 based on the way the amount of existing REN tokens is seated. It is fully dependent on the attitude of the market and the actions of competitors.
Ren is expected to reach a price of $1.40 by the end of 2021, according to Trading Beasts' price prediction. However, it's possible that it'll drop to $0.95.
By the end of 2021, the currency would achieve a minimum price of $1.23 and a maximum price of $1.67, according to GOV Capital's estimate about Ren.
Ren’s price will rise to $2 by the end of December 2022, according to Crypto Geek. In the next five years, Crypto Geek expects the price of Ren to reach $5.
The price of REN is determined by its functionality rather than its historical significance; therefore don’t forget to look into its fundamentals carefully. The pricing momentum of REN is defined by the interoperable functionality that drives it. Matic is built on the Ethereum main chain, which means it has access to a programming language, and other resources without having to construct everything from the bottom.
Users' privacy is enhanced by REN, especially for transactions utilizing shielded addresses. RENVM is a decentralized finance plug-in; any dApp can integrate its features into smart contracts and Blockchain apps.
Ren's current price activity indicates that Cryptocurrency is under negative pressure and may decline from present levels. Ren, on the other hand, might be a viable long-term investment giving a good return, according to longer-term expert estimates by the media outlets.
On May 18, 2018, Ren coin's most recent price movement was bearish, with the coin dropping to $0.76 from a monthly high of $1.06.
Is there a chance that this price drop may lead to some lucrative trading opportunities?
We anticipate that by the end of 2022, the price will have risen to $2.74, and by the end of 2025, it will have risen to $6.65.
Because markets are inherently volatile, before trading REN, you should thoroughly analyze the project's basic value and expert opinions.
However, if you include REN in your portfolio, the day will come when it will reach new heights and offer you the rewards you deserve.
The Republic Protocol is a form of network that can provide a number of advantages, such as the ability to quickly convert one token into another. Despite its numerous benefits, Ren adds more conversion pairs to improve the network; its popularity will grow, resulting in a rise in revenue.
On the Ren platform, RenBridges are used to convert assets to one another. The conversion is carried out by virtual machines, which lock the tokens. Such locked tokens can be converted and generated into new coins of the same value.
Ren's strongest suit is that it addresses a critical flaw in the operation of Cryptocurrency markets. The Ren platform is more than just a speculative token; it has a long-term investment premise and is expected to gain popularity as a liquidity and privacy option for the crypto markets in the future, particularly as it scales.
Based on Ren (REN) price prediction, the price of REN could potentially treble, reaching $1.4 in the next months. By identifying key levels (support and resistance), Ren’s price might indicate when a downtrend is likely to go upwards or downwards.
Trading Cryptocurrencies is not suitable for all investors as they carry a high risk of loss. Therefore, users are advised to use trading strategies at their own risk. This article focuses on the fundamental and technical analysis of REN and can be used to make future predictions based solely on past performance.