Ren Crypto: A Smart Investment Move?

Ren (REN) is an open protocol developed to offer interoperability and liquidity between various blockchain platforms. Its native token is REN, which is used to pay trading fees for orders made on RENVM and to pay bonds to the registrar, a smart contract that manages Darknodes in the Ren ecosystem. REN has been in the crypto market since 2018 but has failed to gain a top position in the cryptocurrency world. So, is it a good investment?

Some sources suggest that REN is a good investment in 2022, with a possibility of surpassing its current all-time high of $1.83. Wallet Investor predicts that REN is an excellent long-term investment, with a long-term profit potential of +100.07 in one year. By the end of 2023, Wallet Investor predicts the price will rise to $4, while Cryptopolitan predicts it will reach $3-5 within the next few years.

However, other sources suggest that REN is a bad long-term investment, with one source stating that the price of REN may drop from its current price of $0.0380 USD to $0.00367 USD, a decrease of -90.344%.

It is important to note that the cryptocurrency market is highly volatile and subject to change, so be sure to do your own research and consult a financial advisor before making any investment decisions.

REN's price history and future trajectory

Ren (REN) is a cryptocurrency that powers the Ren platform, which provides interoperability and liquidity between various blockchain platforms. It is the first and only open protocol that provides access to inter-blockchain liquidity for all decentralised applications.

REN's price history has been turbulent. It had a dazzling debut in May 2018, shooting up to $0.13, but by the winter of 2018, the price had fallen to $0.015, a quarter of its initial ICO price. In 2019, Bitcoin's rise gave momentum to altcoin prices, including REN, which touched a high of $0.15. REN then registered an all-time high of $1.83 in 2021 before falling to $0.30 and recovering to $1.16. After hitting this level, REN showed a continuous correction until the end of last year, and the REN/USD price is still struggling at around $0.06193.

As of September 2024, REN's price is $0.03747, with a 24-hour trading volume of $7.69 million. Its current market cap is $61,903,764, with a circulating supply of 999,127,500 REN.

Future Trajectory

According to Wallet Investor, REN is an excellent long-term investment, with a predicted long-term profit potential of +100.07% in one year. They predict that the price will rise to $2.74 by the end of 2022 and $4 by the end of 2023. Digital Coin has a more conservative prediction, forecasting that REN will end 2021 at $1.08 and 2022 at $1.26. Cryptopolitan predicts that REN/USD will reach a peak price of $0.507842 by the end of 2021, while Trading Beasts forecasts a peak price of $0.7767832 for the same period.

For the longer term, Wallet Investor predicts that Ren's value will continue to rise until at least 2026, reaching $7.26. Digital Coin predicts that REN will continue to rise until at least 2026, reaching $2.50. Cryptopolitan analysts predict that REN could reach a price of $3 to $5 within the next few years. Trading Beasts predicts that REN will reach a maximum of $1.0308820 in 2024.

CoinCodex predicts that REN will be worth $0.06248 by the end of 2025, $0.122541 by the end of 2030, and $0.153651 by January 1, 2029.

Ren has a bright future ahead of it, and with the ongoing developments in the REN ecosystem and the overall crypto market, it may reach new heights.

REN's market position and potential

Ren (REN) is an open protocol developed to offer interoperability and liquidity among various blockchain platforms. Its native token is REN. As of writing, REN ranks 184th on CoinGecko and trades at $0.315 with a 24-hour trading volume of $48,448,591. The price of REN has decreased by 10.69% in the last 24 hours and it has a current circulating supply of 998,837,500.38 REN.

Current Market Position

REN's current market position is relatively low, ranking outside the top 100 cryptocurrencies. As of writing, REN is in 184th place on CoinGecko and 461st place according to another source. However, it has a significant 24-hour trading volume of $48,448,591 and a circulating supply of almost 1 billion REN tokens.

Future Market Potential

The future market potential for REN looks promising, with most sources predicting an upward trend in price over the next few years.

One source predicts REN will reach $2 by the end of 2022, $3 by the end of 2023, and $20 by the end of 2026. Another source predicts a more conservative price of $1.26 by the end of 2022 and $2.50 by the end of 2026.

Wallet Investor predicts that REN will be worth $7.26 by 2026 and will be an excellent long-term investment, with a potential profit of +100.07% in one year. They also state that the best returns will come from holding the currency for at least a year.

According to REN price predictions, the token might cross the $0.634 mark by the end of 2030, with a maximum price of $0.748. By 2035, REN could reach a maximum price of $5.50, and by 2040, it could potentially hit $12.00. In the far future of 2050, REN is projected to have a maximum price of $25.00.

Overall, REN has a high possibility of surpassing its current all-time high of $1.83, but it will need to break through several psychological resistance levels to do so.

The technology behind REN

REN is a decentralised exchange platform that enables traders to sell high-value assets without significantly affecting the price of the assets. The platform is a peer-to-peer system, which means it is not subject to regulation. REN is a token based on Ethereum used to exchange large amounts of cryptocurrencies. The platform provides a solution for the fast-growing cryptocurrency market and has reached an all-time high of $1.83.

This is done using a complicated algorithm called the "Shamir Secret Sharing Scheme" which fragments the orders such that the Darknodes do not know the amount or destination of the crypto being transacted. Since RenVM is built on Ethereum, cross-chain transactions are executed on the Ethereum blockchain using ERC-20 token equivalents of the asset being transacted. Put simply, you are not actually moving your Bitcoin or Zcash on to Ethereum's blockchain. Instead, ERC-20 tokens of these other cryptocurrencies are minted and burned in accordance with how much of it is being held or released by the RenVM decentralised platform.

REN is the token used within Ren's ecosystem and has two functions. The first function is to pay the trading fees for any orders made on the RenVM. The second function is to pay bonds to the "Registrar", a smart contract that manages Darknodes in the Ren ecosystem. This smart contract ensures the decentralisation and stability of the RenVM protocol. If you want to run a Darknode, you must pay a bond of 100,000 REN to the Registrar.

Expert opinions on REN's future

While it is impossible to predict with absolute certainty the future price movements of any cryptocurrency, including REN, several experts and industry participants have offered their opinions on the future prospects of the REN token. Here is a summary of their views:

• Wallet Investor predicts that REN is an excellent long-term investment, with a potential profit of +100.07% in one year. They expect the coin to reach a minimum of $1.5 and a maximum of $1.8 by the end of 2021, and continue rising to $7.26 by 2026.
• Digital Coin has a more conservative prediction, forecasting that REN will end 2021 at $1.08 and reach $1.26 by the end of 2022. They expect the price to continue rising until at least 2026, when it should reach $2.5.
• Cryptopolitan predicts that REN/USD will reach a peak of $0.507842 by the end of 2021 and gradually increase to $3 to $5 within the next few years, making it an excellent investment opportunity.
• Trading Beasts forecasts that REN will reach a peak of $0.7767832 by the end of 2021 and a maximum of $0.6835557 in 2022. They predict that the price will continue to rise, reaching $1.0308820 in 2024.
• CoinQuora believes that REN has a high possibility of surpassing its current all-time high of $1.83 in 2022 and reaching $2 by the end of the year. They also predict that REN could reach $3, $10, $15, and $20 in 2023, 2024, 2025, and 2026, respectively.
• AMB Crypto predicts that REN will reach a maximum price of $0.059 by the end of 2025.
• GOV Capital is more bullish, forecasting that REN will reach a maximum price of $0.45 by the end of 2024.
• Wallet Investor (a different prediction from the one above) states that REN is a bad long-term investment, expecting the price to fall to $0.00467 by the end of 2024.
• Coin Market Cap notes that REN is near the top 100 most valuable cryptocurrencies and has achieved this feat in a very short period. They attribute this to REN's ability to help large traders move significant amounts of bitcoin and other altcoins without affecting market prices.
• Interactive Crypto also highlights the potential of REN to facilitate large cryptocurrency exchanges without significantly impacting asset prices. They believe this solves a major pain point in the market and contributes to REN's value.

In summary, while there are differing opinions on the future price trajectory of REN, the majority of experts and analysts predict that the token will continue to increase in value over the long term, with some expecting it to reach prices above $10 by 2025 and beyond. However, it is important to remember that cryptocurrency markets are highly volatile, and past performance does not guarantee future results.

How to buy REN tokens

Step One: Set up your Coinbase account

Although Coinbase has both iOS (iPhone) and Android apps, using their website to set up your exchange account is recommended.

• Go to the Coinbase website.
• Enter your email address in the "get started" box. Make sure you have access to the email address and that it is your most secure one, as Coinbase will use it for account verification.
• Coinbase will ask you to choose between an "individual" or "business" account. Assuming you are an individual, select "individual".
• Coinbase will send you a verification email. Open the email and click on the link.
• You should now be signed in to your Coinbase account. As you will be using your hard-earned money to fund your Coinbase account, there are a few more verification steps to complete. The first is verifying your mobile phone number.

Coinbase uses your mobile phone number to set up two-factor authentication (2FA) on your account, making your account more secure. They will text you for each significant change to your account, including making purchases.

Step Two: Make your first purchase of Bitcoin (BTC) or Ethereum (ETH) at Coinbase

You are now ready to make your first BTC or ETH purchase, which you will then use to buy REN.

As mentioned, Coinbase makes it very easy to start investing in cryptocurrency. All you need to do is go to your "BUYS" pages and select the currency you wish to purchase.

Since the majority of exchanges that offer investing in REN will allow you to purchase using Bitcoin (BTC), deciding between which one to invest in is up to you.

Decide how much you want to invest. This is a dollar amount, and you don't have to purchase a full coin.

Next, select your funding source (e.g. Credit Card).

Note that when you make your purchase of BTC or ETH, you will notice that Coinbase charges a small fee (3.99% for credit card purchases). They will alert you of the total purchase price before you make your purchase.

Step Three: Use your Bitcoin or Ethereum investment to purchase REN (REN)

Now it's time to purchase REN using your investment from Coinbase.

Since Coinbase only allows for the purchase of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, you will need to transfer your BTC or ETH investment to another cryptocurrency exchange, such as Binance.

At your chosen exchange, you will need to get your account's BTC or ETH wallet ID. On most exchanges, you'll see a "DEPOSIT" button next to either BTC or ETH. When you click on it, you should see (or be given a button to click to create) your wallet ID. This wallet ID is specific to your account. Make sure that you are getting the wallet ID for the correct currency you purchased on Coinbase.

Once you have your specific currency's wallet ID, head back over to your Coinbase account. Coinbase has an official how-to guide on transferring your currency to another wallet.

Now, wait for your transfer to go through the cryptocurrency ecosystem and be confirmed multiple times. Depending on the day, this could take 5 minutes or a few hours.

Once your transfer has been confirmed, it should show in your exchange's account and will be immediately ready to be used to buy REN.

If you purchased ETH at Coinbase, look for the REN/ETH investment. For Bitcoin, look for REN/BTC.

If REN doesn't have an investment option using the currency you purchased, don't worry. All you need to do is trade into the specific currency.

Once you are ready to buy REN, you will likely have a couple of ways to do so.

The first is buying at the market price. This is the current price REN is trading at. There is nothing wrong with purchasing at this price, but if you think the price will drop or want to get it at a lower price, then look at the limit price.

The limit price says you want to purchase a certain amount of REN at a specific price. If the price of REN gets to that price, your order will be processed. Remember, with how volatile the market is, there is no guarantee the price will drop to your limit price.

Note that no matter which trade option you select, the price you will be purchasing REN at will be based upon the currency you are trading with (BTC or ETH). Some exchanges don't convert this over to your local currency, so you can always use Google to convert it (e.g. "0.0025 BTC to USD").

You are now a proud investor in REN!

Frequently asked questions