The Ren (REN) price saw a strong breakout of 65% on February 19 as the interoperability-focused protocol saw a sustained accumulation of whale wallets of more than 1 million REN.
Data from Cointelegraph Markets and TradingView show the REN rose from $ 0.99 on February 18 to a new all-time high of $ 1.84 on February 19. The transition to a new high came as REN’s trading volume also hit $ 704 million over the past 24 years -hours.
REN / USDT 4 hour chart. Source: TradingView
Attention for the protocol received a noticeable surge in late January when it was revealed that Dogecoin (DOGE) was being incorporated into REN, enabling renDOGE to be traded in the growing DeFi ecosystem.
Since that time, the REN ecosystem has continued to grow as more and more high-level projects such as Filecoin (FIL) have made the transition to renFIL, which is now being considered as a complement to the AAVE ecosystem.
The integration of Binance Smart Chain strengthens the use case of REN
REN was trading at $ 0.94 on February 15, before it was revealed that RenBridge 2 is live and integrated with the Binance Smart Chain. Since then, the trading volume has grown steadily, as has the total value of RenVM.
Total value locked on REN. Source: Defi Llama
Cointelegraph Markets Pro’s VORTECS ™ data identified an bullish outlook for REN on February 18 ahead of the recent price surge.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
Cointelegraph Markets Pro – VORTECS ™ Score (green) vs. REN price
As can be seen in the graph above, VORTECS ™ began rising after the RenBridge 2 announcement on February 15th and peaked at 81 on February 18th, just before the price of REN began to rise.
The recent integration with BSC drew REN’s attention again, which was hampered by high transaction costs in the Ethereum network.
As decentralized funding heats up, interoperability between blockchain networks is becoming increasingly important for a well-functioning market, and REN plays a key role in cross-chain interaction.
