Ren is an open protocol that functions like a universal translator for blockchains, providing interoperability and liquidity between different blockchain platforms. Originally called Republic Protocol, Ren hit a significant milestone in May 2020 by launching RenVM, its virtual machine mainnet.
The REN token is the heart of this system, acting as a bond for the nodes, or "Darknodes," that keep RenVM running smoothly. Ren, like many blockchain platforms, charges various fees for internal operations. However, most of these fees are paid to the miners who process transactions and maintain the network. Since REN is an ERC-20 token, it also incurs gas fees on the Ethereum network. These gas fees can fluctuate based on network demand, impacting the cost of using Ren.
Ren's mission is to break down the barriers between different blockchain networks, making decentralized finance (DeFi) more interconnected and accessible by improving liquidity across these digital ecosystems. In this REN price prediction, we look at the perspectives for this crypto asset in the coming years.
Ren (REN) overview
According to CoinMarketCap, REN was the 574th most valuable cryptocurrency by market capitalization as of July 26, 2024. The table below summarizes other relevant data for the same date.
Ren (REN) price history
Ren held its initial coin offering (ICO) in February 2018, raising $34 million. It hit the open market on February 21, 2018, with an open price of about $0.08. Post-ICO, the REN price saw moderate fluctuations for nearly two years, typically between $0.02 and $0.12, as it built its platform and community. The REN token reached its all-time low price of $0.015 on November 27, 2018.
The launch of RenVM in May 2020 marked a significant milestone. The REN price surged, reaching around $0.20 by mid-2020. The price continued to climb throughout the latter half of that year, influenced by the growing interest in decentralized finance (DeFi). By the end of 2020, REN was trading at approximately $0.30.
In early 2021, the broader cryptocurrency market experienced a bull run, and REN was no exception. On February 19, 2021, REN reached an all-time high of about $1.8. However, the price saw volatility, dipping to nearly $0.30 during market corrections but recovering to above $1 at various points. The REN price was approximately $0.5 by the end of 2021.
In 2022, the REN price declined alongside the overall crypto market, fluctuating between $0.1 and $0.5 throughout the year. The token continued to experience volatility in 2023, with occasional spikes due to market sentiment and technological updates. Prices generally ranged from $0.05 to $0.1 throughout 2023.
At the beginning of 2024, the REN price was approximately $0.07. It climbed above $1 in mid-March and fluctuated between $0.08 and $1 for nearly one month. Then, despite some occasional spikes, it entered a downtrend. As of July 26, 2024, REN traded at about $0.047.
Ren (REN) price prediction
REN price prediction for 2024
According to PricePrediction, REN will trade at an average price of $0.057 this year, with a possible maximum of $0.061. DigitalCoinPrice predicts an average price of $0.01 and a maximum of $0.11. CryptoNewsZ is more optimistic, indicating an average REN price of $0.12 and a maximum of $0.15. Hence, a REN investment at the current trading price of $0.047 per token could grow by +219% in this year’s remainder.
REN price prediction for 2025
According to PricePrediction, REN will trade at an average of $0.08 and a maximum of $0.09 next year. DigitalCoinPrice is more optimistic, indicating an average price of $0.12 and a maximum of $0.13. CrytpoNewsZ expects REN to trade at an average of $0.2 in 2025, with a potential maximum of $0.24. So, a REN investment at the current $0.047 per token could yield a +410% return in 2025.
REN price prediction for 2026
The REN price will continue to expand in 2026. According to PricePrediction, this token will trade at an average of $0.12 in 2026, with a potential maximum of $0.14. DigitalCoinPrice predicts an average price of $0.17 and a maximum of $0.18. In contrast, CryptoNewsZ predicts an average price of $0.23 and a potential maximum of $0.28. Therefore, a REN investment at the current trading price of $0.047 per token could increase its value by +495% by 2026.
REN price prediction for 2030
Sources significantly differ on the REN price prediction for 2030. DigitalCoinPrice predicts an average and maximum REN price of $0.36 in 2030. PricePrediction expects an average price of $0.49 and a potential maximum of $0.57. CryptoNewsZ indicates an average REN price of $0.63 in 2030, with a possible maximum of $0.75. So, a REN investment at the current trading price of $0.047 per token could grow by +1,495% by 2030.
Conclusion
Ren is an open protocol for transferring cryptocurrencies between blockchains. With this protocol, popular crypto assets like Bitcoin can be brought to Ethereum, enabling this coin to participate in a vibrant multi-chain DeFi ecosystem. Undoubtedly, Ren has a bright future in the blockchain industry. So does the REN token. Most price predictions indicate that the REN price will steadily increase in the coming years, which might bring good returns to investors.
FAQs
Is Ren (REN) a good investment?
It all indicates that REN might be a good and profitable investment in the short and long term.
How high can the REN token go?
According to PricePrediction, REN will trade at a maximum of $34.7 in 2040 and $48.5 in 2050.
Where can I get REN tokens?
You can get REN from LetsExchange.io at competitive rates.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.