Venture Ren (REN) was acquired by Alameda Analysis LLC — a sister firm of the bankrupt crypto change — in early 2021, however because of the Chapter 11 submitting, Ren’s growth group has determined to “transfer on.”
Because the mission introduced its separation from the bankrupt Alameda on Nov 19, REN’s social dominance, growth exercise and worth have seen notable actions, in response to the on-chain knowledge supplier Santiment.
Per the info, on the day of the detachment, REN was buying and selling at round $0.07 with a substantial rise to $0.13 on November 26. Within the subsequent few days, nevertheless, the token’s worth plunged to roughly $0.06 on December 25 and is now again to the $0.08 mark.
REN’s market cap rose by 30% up to now 24 hours to simply over $78 million. The asset’s all-time excessive (ATH) of $1.83 was recorded in February 2021.
Alameda’s decline, Ren’s incline
As Alameda ready to mint 180 million tokens “in preparation for Ren 2.0,” the Bahamas-based cryptocurrency change FTX filed for Chapter 11 chapter safety, bringing down its sister firm as properly.
The collapse made Ren’s builders “transfer on” from their partnership with the bankrupt agency as they solely have “funding till the tip of This fall,” per a press launch on REN’s blog.
Moreover, Ren is making ready for an additional funding spherical for the reason that firm may not be capable to proceed its journey with out “extra funding.”