Where is Ren currency used?

Ren currency

The Ren network, which promises to enable asset transfers between blockchains, has REN as its native coin.

After hitting an all-time high of $1.83 in February of last year, the coin had a unique 2021. What is the most recent forecast for the price of REN coin?

REN coin explained

In February 2018, REN coins first entered the open market. Many investors sought to profit from the cryptocurrency explosion at that time because the market was in the midst of a protracted bull run.

People that maintain the network’s machines, known as Darknodes, are compensated with the REN coin. A “good behaviour” deposit of 100,000 REN is required of anyone who wants to operate a Darknode.

This is a very simplistic explanation of what the REN coin accomplishes and what the Ren network is; if you’re interested in learning more, check out this article where we go into more detail.

From the Ren whitepaper

The Ren: Unstoppable Privacy roadmap is a 17-page document that was most recently revised in 2019.

According to the whitepaper, Ren’s goal for the project is to enable “a world of privacy-preserving applications,” in which “all programmes are performed in secret, safeguarding the privacy of all users and data.” Ren will power this new sort of trustless distributed computation.

By keeping up its ecosystem for “creating, installing, and operating general-purpose privacy-preserving apps employing the newly created secure multi-party computation protocol,” it does this. Similar to blockchains, it enables any programme to function in a decentralised, trustworthy, and fault-tolerant environment with the unique advantage that all application inputs, outputs, and state remain a secret even to the members running the network.

Ren will release development tools to facilitate the open development of private applications of any kind, as well as new goods, opening the path for an ecosystem of unstoppable privacy, the statement continues, as the ecosystem develops and the essential components are finished.

REN’s price history

Let’s look into the past of REN’s price before moving on to the future. Although past performance cannot predict future outcomes, it can help us put things into perspective.

On February 21, 2018, the day of its introduction, REN was available for purchase for $0.0798. The new cryptocurrency clearly attracted interest since the next day it reached an intraday high of $0.9145. The excitement, however, appeared to be fleeting because by March 8th, 2018, it had fallen to an intraday low of $0.0545. The price fell to $0.04877 in intraday trade the following day before marginally rising to $0.05416.

The coin spent the following weeks around the $0.05 level, occasionally falling below $0.04 until surging to close at $0.07111 on April 16, 2018. On May 3, it reached an intraday high of $0.1049 and stayed at or near this level for the following few weeks. However, the price fell because it couldn’t continue. The last day it was this high for a while was May 23, 2018, when it was above $0.10.

The cost decreased gradually, to an all-time low of $0.01548 on November 27, 2018. The following year or two for the REN coin wasn’t particularly noteworthy, even though it never nearly reached similar lows again. It remained below $0.04 for the majority of the first half of 2019 before crossing that threshold in late May. Early in July, it exceeded $0.10 before settling at or near $0.05; it wouldn’t cross that threshold again until late May 2020.

A little more encouragingly, the coin routinely traded at or over $0.20 in the latter few months of 2020 before ending the year at $0.3213. Although REN was created during a boom, its true potential had not yet been fully realised.

Early in 2021, the cryptocurrency industry saw rapid expansion, and REN joined in the frenzy. The cost of the coin kept rising, surpassing $1 on February 11, 2021, and hitting an all-time high of $1.83 on February 20, 2021. However, it was unable to maintain that level, and on March 25, 2021, it dropped to an intraday low of $0.8129.

REN quickly recovered and traded above $1 for the most of the first half of April 2021 before gradually declining to trade between $0.70 and $0.90.

The coin was already losing value when the catastrophe occurred. When most cryptocurrencies experienced the big day fall on May 19, 2021, REN was particularly heavily impacted. It dropped from an intraday high of $0.7631 to an intraday low of $0.363, before bouncing back to settle at $0.469.

In the aftermath of the fall, REN prices between $0.30 and $0.50 became the new standard, but things started to improve at the end of August, with an opening price of $0.5025 on August 17 2021 changing into a closing price of $0.6531 on August 23 2021.

There were highs and lows, but the 29 August 2021 intraday high of $0.7037 marked the first time since 19 May that it reached $0.70. Its price reached a peak of $0.8011 on August 31st, the highest level since before the meltdown. The following day, on September 8, after the crypto meltdown, the price fell to $0.62. It was trading at about $1.07 on October 27, 2021, and at about $0.89 on November 26, 2021.

Cryptocurrencies had a tough month in December 2021, with Bitcoin plummeting by 29%. REN was no exception, trading at $0.56 on January 1 of 2022 before further declining to $0.28 on January 24 due to the protracted bear market. By February 21, 2022, the currency fell to a seven-month low of

In an effort to promote network compatibility, Voyager added the Ren protocol to the Voyager app on March 2. A “dappback page which can reward users for accomplishing Web 3.0 micro-tasks like joining the community, generating content, etc.” had been made available, according to a protocol announcement made on March 3. The currency experienced some significant gains on that day, finishing at about $0.40. The price was in an upswing until it closed at $0.49 on March 31.

Since that price point, there has been a significant decrease, which was made worse by market-wide crashes in the middle of May and June. As the project advances, we may anticipate the Catalogue cross-chain to go through three phases in Q3 2022:

REN was selling at about $0.14 on of August 3. With a market valuation of over $144 million right now, it ranks as the 165th largest cryptocurrency.

That is REN’s performance record up to this point. But what will become of it? What kind of price forecasts are being made for REN coins?

REN coin predictions

Here are a few forecasts from different websites.

First of all, according to WalletInvestor’s REN price forecast, it is a “poor” long-term investment. According to the website, there is no chance of a rebound and REN will drop to $0.008 in a year.

DigitalCoinPrice has a more upbeat outlook. According to its REN price forecast for 2022, the coin would likely hit $0.21 in September, which would offer an aspirational 45% return on investment. It is anticipated to sell at a lower price by December, approximately $0.19. In 2023 and 2024, the REN price might then increase to an average annual value of $0.21. According to the website’s REN price forecast, the average price will be $0.27 in 2025.

According to a Gov.Capital REN price forecast, the currency will cross the $1 threshold in August 2023 and the $2 threshold in August 2024.

The currency should be worth an average of $0.26 in 2023, $0.38 in 2024, and $0.53 in 2025, according to PricePrediction’s final prediction. The site predicts that REN will cost, on average, $3.56 per year by 2030.

FAQs

Will REN reach $10?

It could. However, none of our chosen forecasters believe it will happen within the next ten years.

Predictions frequently turn out to be inaccurate, so keep that in mind. Before investing in any asset, especially one as volatile as a cryptocurrency, you should always do your own research.

Is REN a good investment?

Prices for cryptocurrencies can fluctuate greatly, going both up and down. Always conduct your own research before making any investments, and never use money you cannot afford to lose.

Where to buy REN

You can purchase REN from a variety of exchanges if you’re interested. Never invest money you cannot afford to lose, and always conduct your own research beforehand.