Ren Crypto: Is It Worth Investing In?

Ren (REN) is a form of digital cryptocurrency, also referred to as REN Coin. It has been in the crypto market since 2018 but has failed to gain a top position in the cryptocurrency world. Currently, it is at 138th position with a market capitalization of $45,635,095. The price of Ren as of June 19, 2024, was $0.045675.

Ren is a low-ranked coin with high risk due to its small-cap status. Its price has been reasonably predictable, and while it has made significant price changes, it has failed to gain a top position.

Should you invest in Ren? Well, that depends on your risk appetite and investment goals. Some sources suggest that Ren is a bad long-term investment option with a negative outlook, while others predict that its price will increase in the future.

REN's market cap and volatility

REN has a fixed supply cap of 1 billion (1,000,000,000) tokens. As of February 2021, Ren had a circulating supply of 999,127,500 REN coins. As of December 2020, the total supply and circulating supply of RenBTC were just north of 14,000 BTC, bringing its market capitalization to $321.9 million. The market capitalization of renBTC depends on both the underlying value of Bitcoin (BTC) and the number of BTC held in the renBTC reserve.

Ren's price today is US$0.03747, with a 24-hour trading volume of $7.69 million. The live Ren price is $0.037537 USD with a 24-hour trading volume of $7,688,559 USD. The current CoinMarketCap ranking is #590, with a live market cap of $37,504,302 USD. Ren is down 1.01% in the last 24 hours.

Ren was founded by Taiyang Zhang, its CEO, in 2017. Zhang has existing experience in the cryptocurrency space, having also co-founded the crypto hedge fund Virgil Capital.

REN's price history and predictions

Price History

REN has been in the crypto market since 2018 but has failed to gain a top position in the cryptocurrency world. In May 2018, REN made its debut, shooting the price to $0.13. However, by winter 2018, the price of REN/USD fell to $0.015, a quarter of its initial ICO price.

Bitcoin's popularity in 2019 gave momentum to altcoin prices, including REN, which touched a high of $0.15. In 2021, REN registered an all-time high of $1.83 before falling to $0.3 and recovering to $1.16. After hitting this level, REN showed a continuous correction until the end of the year.

Price Predictions

According to Wallet Investor, REN is a bad long-term investment, and the price is expected to fall further. They predict that REN will reach a maximum price of $0.00467 by the end of 2024.

Digital Coin Price predicts that REN will reach a maximum price of $0.23 by the end of 2024.

AMB Crypto's Ren token price prediction indicates that the maximum price will be around $0.059 by the end of 2025.

GOV Capital predicts that REN will reach a maximum price of $0.45 by the end of 2024.

Another source predicts that REN will trade in a range of $0.0553 to $0.159 in 2024, with a maximum price of $0.237 in 2025 and an average price of $0.634 by 2030.

Despite REN's struggles, some experts believe it might record a price increase in the upcoming years, making it a profitable investment option.

How to buy REN

Step One: Set up a Coinbase Account

• Go to the Coinbase website and enter your email address. Ensure that the email address is secure and one that you have access to.
• Coinbase will ask you to select if you are an individual or a business.
• Enter your name.
• Verify your email address by opening the email Coinbase sends you and clicking on the link.
• Verify your mobile phone number. Coinbase will use this to set up two-factor authentication (2FA) on your account, adding an extra layer of security.
• Set up your funding sources. You can use either your bank account or a credit card.

Step Two: Make Your First Purchase of Bitcoin (BTC) or Ethereum (ETH) at Coinbase

• Decide how much you want to invest. You don't have to buy a full coin.
• Select your funding source (e.g. credit card).
• Note that Coinbase charges a small fee (3.99% for credit card purchases) for purchases.

Step Three: Use Your Bitcoin or Ethereum Investment to Purchase REN (REN)

• Transfer your BTC or ETH investment to another cryptocurrency exchange such as Binance, as Coinbase only allows for the purchase of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
• Set up a trading account on the new exchange.
• Transfer your BTC or ETH from Coinbase to the new exchange via a wallet system.
• Get your new account's BTC or ETH wallet ID.
• Once your transfer has been confirmed, you will be able to use it to buy REN.
• Look for REN/ETH or REN/BTC, depending on which currency you purchased.
• You can buy REN at the market price, or set a limit price if you want to purchase at a lower price.
• Note that the price you are purchasing REN at will be based on the currency you are trading with (BTC or ETH).

You can also buy REN on other exchanges such as Bitget, BingX, and OKEx.

REN's potential for growth

As a decentralized protocol, Ren (REN) enables interoperability between various blockchains, allowing users to seamlessly transfer assets across different networks. By removing compatibility barriers, Ren (REN) opens up new possibilities for decentralized finance (DeFi) and cross-chain applications.

Ren's (REN) current price of $0.07767 reflects the growing interest in its technology and potential. Looking ahead, Ren (REN) shows promise for future growth and adoption. Price predictions suggest a positive outlook, with the project gaining traction and expanding its ecosystem.

MYOS RENS Technology Inc. is an advanced nutrition company that develops and markets products to improve muscle health and performance. Their product Fortetropin® has been clinically shown to increase muscle size, lean body mass, and reduce muscle atrophy. MYOS RENS Technology has achieved steady growth by building a scientific case for Fortetropin while also developing vibrant brands and marketing programs. They have seen double-digit sales growth for their product Myos Canine Muscle Formula®, and their net revenues increased by 430% in the third quarter of 2019 compared to the same quarter in 2018.

In conclusion, Ren (REN) has the potential for growth and adoption due to its unique features and expanding ecosystem. MYOS RENS Technology, with its Fortetropin-based products, has achieved steady growth and significant increases in net revenue, demonstrating the potential for success in the nutrition and veterinary supplement markets.

Benefits of investing in REN

Ren (REN) is a form of decentralised finance (DeFi) cryptocurrency, also referred to as REN Coin. It was founded in 2017 by software developers Loong Wang and Taiyang Zhang. The Ren Protocol allows people to take bitcoin and exchange it for another token on another blockchain. The new token is backed by the original one on a 1:1 ratio, meaning it has the same value.

Helping the Unbanked

The World Bank found that about 1.7 billion people worldwide did not have bank accounts in 2017. With DeFi, there is hope that such 'unbanked' people can get access to things like investing, saving, and loans through decentralised finance.

Yield Farming

Yield farming involves staking or lending crypto assets to generate high returns or rewards in the form of additional cryptocurrency. Bitcoin cannot be used for yield farming, but through the Ren Protocol, it can be exchanged for another token that can.

Anonymity

The Ren Protocol uses a piece of software called Ren Virtual Machine (RenVM) that works with smart contracts. RenVM allows people to carry out transactions without information about the people involved or the transaction itself being revealed.

Tax Benefits

Donating REN through a donor-advised fund allows investors to receive immediate tax benefits on their contributions and avoid capital gains tax when giving appreciated assets.

Frequently asked questions