Behavior Analytics Firm: Crypto Whales Driving $REN’s Price to All-Time Highs

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Behavior analytics firm Santiment says whales have been buying Ren (REN) in February, driving the altcoin’s price to new all-time highs. 

Ren is “an open protocol that enables the movement of value between blockchains.” At its core is RenVM, which is “a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.”

According to Santiment’s report, toward the end of January, the amount of whale (i.e. 1m+ REN) addresses spiked, indicating something was brewing. The firm also noticed that “the amount of unique addresses interacting on the REN network has climbed steadily.” And finally, they pointed out that “the amount of daily new REN addresses has been quite staggering.”

Probably what has helped more than anything to increase interest in Ren this month was the announcement on February 2 that “the Ren development team will be joining Alameda.”

Ren’s blog post stated:

As part of joining Alameda, the Ren development team will be prioritising support for Solana in our Multichain libraries, and in RenVM itself. This support is currently under audit, and we anticipate that we will be able to begin bridging assets to/from Solana in Q2. Doing so will have a profound impact on Serum, but also on the wider Solana ecosystem.

The Ren team went on to say:

This new partnership will also have a broader impact on the blockchain space, especially Solana. With the ability to move ETH and ERC20s between chains will come the ability to move SOL, SRM, and other Solana-native assets between chains. This will help integrate Solana more deeply into DeFi, bringing more liquidity and utility to its applications and assets.

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