DeFi veteran renprotocol sees its $REN token spike by 40% in no time, here's why w/ lookonchain Ren Binance
As such, Ren Protocol's REN showed the best performance out of all the top 150 assets on CoinMarketCap. The analyst is sure that the rumors about a possible acquisition of Ren Protocol by Binance, the largest cryptocurrency ecosystem, were the core trigger of this magnificent upsurge.
His followers shared a video of a stream with Kyros Labs, Binance Ventures, BNB Chain and Alameda Research from Nov. 24, 2022, that confirms the theory about the Binance acquisition.By printing time, the REN price has undergone a correction: REN is changing hands at $0.1273 on major spot trading platforms, being 25% up in 24 hours.Ren Protocol is one of the olders DeFi protocols in Web3. It launched in 2017 as Republic Protocol.
As covered by U.Today previously, the Ren Protocol team has shared a statement informing users that with Alameda Research collapsing, it only has enough funding for five weeks of operations.Alameda acquired Ren Protocol in 2021. To save the development, Ren engineers announced an extra funding round and decided to make governance processes decentralized and community-driven.
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