Please note that this article shouldn’t be perceived as investment advice. Rather, it is information to be considered when you make your decisions.
Despite the high volatility and occasional unforeseen shifts, cryptocurrency prices aren’t entirely unpredictable. By merging technical and fundamental analysis, analysts can project the future prices of crypto assets for years to come.
This article provides insights into the future price of the REN cryptocurrency. Introduced to the market in 2018, this crypto asset witnessed significant rallies in 2021. If you’re contemplating an investment in REN, this article offers a deeper understanding of its market performance. Please note that this article does not constitute investment advice.
What Is Ren (REN)?
Ren (REN) is a cryptocurrency that acts as the fuel token for the protocol bearing the same name. Launched in 2018, the Ren protocol aimed to bridge various blockchains, enhancing their interoperability and boosting liquidity flows between them.
Originally known as the Republic Protocol, Ren unveiled its virtual machine mainnet, the RenVM, in May 2020. The REN token linked the RenVM nodes, called Darknodes. Ren specialized in building trustless, privacy-first applications and provided robust multiparty computational tools.
The project had impressive marketing and a slew of high-profile collaborations. The community perceived Ren as a decentralized, trustless platform, with members maintaining full control over their assets within Ren. The most notable token under Ren was RenBitcoin, an Ethereum-based version of Bitcoin.
The company aimed to streamline the simultaneous utilization of multiple blockchains. This involved further project development, introducing more tokens, and enhancing decentralization.
From one perspective, Ren products had the potential to usher the DeFi sector closer to a broader audience. However, in a twist, Alameda Research acquired the company in 2021. The Ren team clarified in a Medium post that this move would benefit the Ren community.
However, Alameda Research’s acquisition proved disastrous for Ren. Alameda, the sister company of the once-prominent but now notorious FTX exchange, which went insolvent and closed in 2022, used Ren Protocol assets to settle FTX’s debts. Ren notified its users in advance, urging them to withdraw their tokens promptly. Since Ren didn’t gather users’ email addresses, announcements were made on social media, leaving many out of the loop.
The FTX headquarters in Miami. Image source: The Business Journals
The discontinuation of Ren (or “Ren 1.0” as dubbed by the dev team) was announced in December 2022. The Ren representatives have expressed intentions to return with a revamped platform, Ren 2.0, but as of August 2023, these plans remain unrealized. Despite the uncertainty surrounding Ren’s future, some remain hopeful in the project, and REN tokens continue to be traded. As of August 2023, while its price isn’t at its peak, the token still commands a respectable turnover.
Ren (REN) Price Prediction for 2023, 2024, 2025, 2027, 2030
Now, let’s discuss the potential trajectory for REN’s future price. By the end of 2023, it’s unlikely that the REN price will exceed 10 cents per token. It’s projected to hover between 6 to 7 cents per token. A major downturn in 2023 also seems improbable. With the dev team committed to the project and supporting the idea of a Ren Protocol resurgence, the price should continue to rise. The negative sentiments associated with Alameda will likely diminish, and the community’s outlook will become increasingly positive. Furthermore, with April 2024 being the anticipated time for the next Bitcoin halving, we expect a broad rally in the crypto market that year. Certainly, the REN token will benefit from this momentum. In 2024, we project the REN price will be at least 11 cents, and with a more optimistic forecast, it could approach 15 cents by year’s end.
Assuming that Ren 2.0 isn’t mere speculation, we anticipate its debut in 2025. The token’s price appreciation in 2024 will empower the dev team, providing them with more resources to advance their project. In 2025, the REN price should achieve a minimum of $0.19. Should Ren 2.0 match its predecessor’s success, we might see prices around $0.25. By 2027, we’re optimistic about the project scaling new heights, with the REN price potentially hovering around $1.36, having a floor of $1.19 and possibly peaking at $1.62. By our most conservative estimates, by 2030 the REN price could climb to $2.20, while on the higher end, it might range between $4 to $5, contingent on several unpredictable factors as of 2023.
Ren (REN) Analysis for the Past Several Years
As of August 2023, Ren (REN) remains listed on several major exchanges, including Binance, KuCoin, Coinbase, Kraken, and Uniswap v2. This robust backing from exchanges has allowed Ren to retain its standing among prominent tokens, even amidst the Alameda and FTX controversies. Currently, REN holds the 366th position in market cap rankings.
At the moment (August 11, 2023), the REN price stands at $0.058. While this is far from its all-time high, it’s still above the token’s valuation during the first half of 2018. Many speculate that the Ren 2.0 release is imminent, lending value to the tokens.
Tracing the trajectory of REN’s price, it debuted in the market in March 2018. Initially priced around 8 cents, it soon dipped to 3 cents by April, only to recover to $0.08 by May. On May 19, it peaked at $0.125, then entered a prolonged downtrend, bottoming out at $0.017 by November’s end.
A significant turn for REN came when Binance, a major crypto exchange, listed the token in December 2018. This initiated a bull run for REN that lasted until August 2019. Although Binance’s listing was instrumental, Bitcoin’s surge during this period, from $3,000 to $10,000, was also a key factor. As Bitcoin tends to influence the entire crypto market, REN was no exception, growing from just about two cents to 13 cents by August 2019. This demonstrated REN’s significant investment potential, growing approximately twice as fast as Bitcoin. But a decline was looming.
By mid-September, REN fell under the 4-cent mark. For several months, it oscillated between 3 and 7 cents. The crypto-wide downturn in March 2020, triggered by pandemic-induced panic selling, saw REN drop to $0.032. Subsequently, like many other cryptos, REN embarked on an upward trend, peaking at $0.50 per REN in September 2020.
REN’s listing on Coinbase, a leading US crypto exchange, in October 2020 brought volatility, with prices fluctuating between 20 and 30+ cents. By January 2021, amidst a broader crypto market surge, REN reached 75 cents. With its addition to KuCoin in February, it soared to $1.4. Through spring, it hovered around $1, receiving another boost with Kraken’s listing in May. After a brief summer dip, REN touched $1.2 in October 2021, only to decline to the 20-30 cents range — marking its last significant peak before its association with Alameda.
Post a brief surge in April 2022, nearing 50 cents, REN fell under $0.2. From November 2022 onwards, it grappled to remain above 10 cents. Despite community backlash and fraud allegations, REN remains listed on major exchanges, with active trading. It undoubtedly has potential moving forward.
Conclusion
Despite the skepticism among some members of the REN community, the token remains active, and the team promises a superior product in the future. Only time will tell. If Ren 2.0 proves to be a commendable effort, the token will undoubtedly reach new heights.