On 19 February, the price of Ren (REN) jumped 65% as the interoperability-oriented protocol led to a steady increase in the number of whale plates containing over 1 million Rin.
Data from Cointelegraph Markets and TradingView shows that REN rose from $ 0.99 on February 18 to a new full-time high of $ 1.84 on February 19. The transition to a new height occurred when REN’s trading volume also previously reached $ 704 million. 24 hours.
Interest in the protocol increased at the end of January when it was announced that Dogecoin (DOGE) would merge with REN, so that renDOGE could be traded in the growing DeFi ecosystem.
Since then, the REN ecosystem has continued to expand as high-profile projects such as Filecoin (FIL) underwent a transformation to become renFIL, which is currently being considered for addition to the AAVE ecosystem.
Binance Smart Chain Integration expands REN applications
REN traded at $ 0.94 on February 15 before it was announced that RenBridge 2 was launched and integrated with Binance Smart Chain. Since then, the volume has increased regularly, and therefore the total cost of RenVM is locked.
VORTECS ™ data from Cointelegraph Markets Pro began to provide positive future prospects for REN on February 18 before the last rally.
Exclusive to Cointelegraph, VORTECS is a mathematical comparison of historical and current market conditions taken from a range of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
Cointelegraph Markets Pro – VORTECS ™ result (green) at REN price
As shown in the chart above, the VORTECS begynte result began to rally after RenBridge 2 was announced on February 15, reaching a peak of 81 on February 18, just before the REN price began to rise.
The recent merger with BSC has revived interest in REN, which has been hampered by rising transaction costs on the Ethereum network.
With the increase in decentralized financing, interoperability between blockchain networks becomes crucial for a well-functioning marketplace, and REN becomes a key element in inter-chain interoperability.