Ren separates from Alameda, token activity increases

Trending 9 months ago

Project Ren (REN) was acquired by Alameda Research LLC — a sister institution of the bankrupt crypto speech — successful aboriginal 2021, but owed to the Chapter 11 filing, Ren’s improvement squad has decided to “move on.” 

As the task announced its separation from the bankrupt Alameda connected Nov 19, REN’s societal dominance, improvement enactment and terms person seen notable movements, according to the on-chain information supplier Santiment.

Per the data, connected the time of the detachment, REN was trading astatine astir $0.07 with a sizeable emergence to $0.13 connected November 26. In the adjacent fewer days, however, the token’s terms plunged to astir $0.06 connected December 25 and is present backmost to the $0.08 mark.

REN’s marketplace headdress roseate by 30% successful the past 24 hours to conscionable implicit $78 million. The asset’s all-time precocious (ATH) of $1.83 was recorded successful February 2021.

Alameda’s decline, Ren’s incline

As Alameda prepared to mint 180 cardinal tokens “in mentation for Ren 2.0,” the Bahamas-based cryptocurrency speech FTX filed for Chapter 11 bankruptcy protection, bringing down its sister institution arsenic well. 

The illness made Ren’s developers “move on” from their concern with the bankrupt steadfast arsenic they lone person “funding until the extremity of Q4,” per a property merchandise connected REN’s blog.

Furthermore, Ren is preparing for different backing circular since the institution mightiness not beryllium capable to proceed its travel without “additional funding.” 

Source Cryptonews