According to the latest news, the price of Ren (REN) underwent a huge rally/surge on Friday, February 19, 2021. As per sources, REN continued to experience a huge amount of influx whale investors into the asset. The whales were reportedly adding more than 1 million REN into the wallets, which triggered a huge surge in the price of the asset.
Some of the most prominent on-chain data analyzing firms (TradingView&Cointelegraph Markets), shared their findings around REN and provided a 24-data. According to the figures provided by these firms, the price of REN on February 18, 2021, was sitting at $0.99. However, the price of REN on February 19, 2021, was sitting at $1.84.
In addition to the rise in the price of REN, the firms also reported a significant rise in the trading volumes for the asset. As per figures, the platform experienced a surge in the trading volumes, moving the volume up to $704 million in a matter of 24-hours.
One of the major factors that resulted in REN experiencing a huge rally with respect to its price and trading volume was DOGE. It was towards the end of January 2021 when Ren (REN) team had announced that it was going to integrate its protocol with Dogecoin (DOGE).
This would mean that the investors would be able to trade and benefit from renDOGE and the entire DeFi ecosystem would also thrive from the introduction of the new integration.
Ever since the announcement, the firm has continued to experience continuous growth and a huge rally in the ecosystem. The platform has been gaining more and more recognition and no longer exists as a small protocol. The REN ecosystem now exists as a strong and well-renowned project in the DeFi ecosystem just like Filecoin (FIL).
Before, DOGE, it was Filecoin (FIL) that had undergone an integration with Ren and making a new asset “renFIL”. Since then, Filecoin (FIL) has also gained a lot of growth and success in the DeFi ecosystem. As per the recent reports, Ren (REN) is also considering the option of integrating its services with the AAVE ecosystem.
Another factor that resulted in the asset gaining huge rally was its announcement of RenBridge 2. Before the announcement of RenBridge 2, on February 15, 2021, the price of REN was hovering around $0.94. However, as RenBridge 2 went live and it was confirmed that REN’s Binance Smart Chain integration was complete, things completely changed for REN.
Ever since the announcement, the trading volume on the platform started increasing. This not only triggered the trading volume to shoot up but also resulted in an increase in the Total Value Locked (TVL) for the platform.