The Cryptocurrency space is still recovering from the latest market pullback. Most cryptocurrencies are still trading in the red. The same is the case with REN. It appears to be struggling to regain its 2021 rally. Is REN still worth trading or has lost its shine? Let’s have a look at Ren price prediction.
RenVM is indeed effective in bringing BTC on the ETH blockchain, however, other platforms have also come up with a great exchange option which is definitely kicking the competition up a notch. So, the bigger question is whether the REN protocol will prevail over other similar platforms cropping up every other day.
This REN Price Prediction seeks to assess the present and future of this intuitive cryptocurrency. Also discover in this post the performance of REN in the market, how it works, and the risk associated with its investment.
What Is REN?
REN is an open-source protocol designed to provide interoperability and liquidity between different blockchain platforms. At its most basic, REN provides the much-needed financial liquidity to various blockchain platforms.
|Creator||Taiyang Zhang and Loong Wang|
The REN network is operated through DarkNodes, which act as the maintainers of the network. After completing a $34 million ICO in 2018, REN formerly known as Republic network launched RenVM, its virtual machine mainnet in May 2022. The native token of the platform, REN functions as a bond for nodes that power the RenVM.
What Makes REN Unique?
The REN platform is unique and offers many use cases. However, the main purpose of REN is to provide an ecosystem that overcomes the entry and investment barrier for Defi projects. In simple terms, users on the REN network can easily swap tokens between two blockchains without requiring any intermediate step, like using wrapped tokens.
How Many REN Coins Are In Circulation?
Coins in circulation also provide important insight into a cryptocurrency and help formulate an investment strategy. REN has a fixed supply cap of 1 billion tokens. In 2018, REN sold 60.2% of the supply to investors via the pre-sale and public token sale.
REN has a reserve fund too. Initially, it was allocated 19.9% of the total supply and another 9.9% was allocated internally to the founder, advisors, and the team. Moreover, a 10% reserve is also maintained for miscellaneous activities such as development and partnership.
The Evolution Of REN Price Since 2018
REN entered the market with many pomps. There was huge interest in the REN protocol, consequently, REN ICO made a dazzling debut pushing the price to 18 cents by May of 2018.
In December of 2018, the price fell to 1.5 cents, however, the Bitcoin rally of 2019 also gave momentum to altcoins. REN also benefited from it and the price rose to an all-time high of 15 cents.
2020 – 2021
REN ecosystem expanded further, however, tough competition from platforms offering similar functionality caused the price to dip significantly.
The current year has witnessed a bloodbath in the crypto market. REN also faced the heat, however, the token showed resistance around $0.28 and $0.30. Currently, REN is trading at $ 0.1762722 per (REN / USD) with a total market capitalization of USD 176.10M.
Ren Price Prediction – What Future Holds For REN Coin In A Few Years
In 2022 REN is competing with several similar platforms. Nonetheless, many expert investors believe that the REN coin will increase in value in the coming years. REN is certainly gaining wider acceptance and more people are adopting the platform. Considering the fact that the REN coin can still be a profitable investment.
Short Term REN Price Prediction
On Feb 20, 2021, REN was trading at $1.83 90. Currently, it’s been trading around 0.1762722. Trade analysts are bearish about the REN token right now and predict that the price could dip further. However, a small minority of investors are still optimistic and banking upon a price prediction of $0.21 by the year-end bringing in about a 45% return.
Long Term REN price prediction
The crypto market has seen a sharp decline in recent months, however, many investors believe this could initiate a new bull cycle. By 2024, the market could reach a new high and could propel the REN token to the bullish curve.
Indeed the adoption of the REN token is growing, therefore the token could still hold potential. Add to it the community that is growing stronger every day. As per the trade pundits, REN could reach a value of $0.25 by 2023. The growth will continue in the following year and by 2030 the price could hit the $5.45 mark.
💡 Ren Price Prediction Note: The Ren price would reach $5.45 by 2030
Year Wise Price Prediction Of REN Token
Investors are hopeful that by 2023 REN could offer a significant return. The price could reach $0.30 with the average price value could remain around $0.25.
The year 2024 could witness further upward price movements. The REN token could reach a high of $0.45. The low could be around $0.25, while the average could lie around $0.38.
As per the REN Price, the forecast for 2025 could reach around $0.63. The minimum price is expected to be around $0.50 while the average value is expected to remain at $0.52.
The bullish run of the REN token seems to continue well into 2026. Experts believe that the price could reach a high of $0.90.
REN could hit an all-time high of $1.24 by 2027. The year could witness an average REN price of $1.08 while the minimum price is expected to be $1.03.
It is expected that REN will continue its bullish rally in 2028 too. As per the REN price prediction, the price could surpass the $1.81 mark. The average price will remain around $1.55. However, the price could dip to $1.50 by the end of 2028.
✔ 2029 – 2030
REN is expected to give the maximum return by the year 2030. The price could hit a maximum of $5.45 by 2030.
What Can Influence The Price Of REN Token?
The Crypto market is riddled with volatility and the REN token is no exception. Several factors could influence the price movement of the REN token.
Supply and Demand
Supply and demand apply to everything including the crypto world. If the sentiments are positive, the demand will increase. The increase in demand will certainly push the price to an upward curve.
💡 Ren Price Prediction Note: According to our research Ren price would rise in the coming years.
The Sentiments of Investors
What investors think about an asset also shapes its future. A minority of investors think that REN falls short of its expected growth. However, most of them are bullish and hope that in the long run, REN could be a hugely profitable investment. Anyway, REN to sustain its growth should have to acquire wider acceptability and sentiments could play a role in solidifying its presence in the market.
Where Can You Purchase REN?
REN is a freely tradable token and is available on most exchanges. You can sign up on any exchange of your liking and begin to invest in REN tokens. Binance has the most liquidity for REN tokens and is also a reputable platform. So it could be the best starting point to begin investing in REN tokens.
REN Price Prediction – Final Words
The risk-reward ratio is quite high for the REN token. Most if not all investors are hopeful and predict it to reach new heights in the following years. Despite initial jumps in price, REN has remained mostly flat for most of the time. But, given the growing interest in the token, the REN price could soon soar to new levels. However, consider REN to be a long-term investment and invest with the right mindset if you wish to extract any profits. Moreover, keep a close check on market volatility and respond accordingly to minimize the risks and stay stable in the hugely volatile crypto world.