In this guide, we will voice our own and market’s opinion on REN future while discussing Ren price forecast for 2024 and beyond.
Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a novel, highly volatile financial asset like Ren.
Now, let’s head into it. Before we delve deep into the Ren price prediction and answer questions if REN is a good investment or not, why will REN succeed or fail or why will Ren price rise or drop, let’s quickly throw a glance at what is REN and its to date history.
What you'll learn 👉
What Is Ren (REN)?
The Ren protocol (previously Republic Protocol) is designed to provide interoperability by allowing people to transfer cryptocurrency across different blockchains. It lets anyone lock cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC) into the Ren software and mint the ERC-20 equivalent tokens RenBTC, RenBCH, and RenZEC in a 1:1 ratio on Ethereum.
These new ERC-20 coins can now be used in DeFi products for a range of functions, like trading, portfolio management, borrowing and lending. The original assets remain locked in the Ren software and can be unlocked at any time by paying a fee.
REN coin explained
The REN coin is the native cryptocurrency token of the Ren VM network. What makes both REN coin and the Ren protocol a little bit different from other systems and their native cryptocurrencies is that you do not need to hold the REN crypto token (coin) to use the Ren network. Instead, you can use the network to transfer other cryptos across blockchains, and pay any fees using the particular currency of the blockchain.
In terms of who operates the RenVM, this is done by a group of computers called DarkNodes. The DarkNodes help the system by adding capacity, bandwidth and computational power to the network.
Anyone can operate one of these DarkNodes, but it requires paying a deposit of 100,000 REN, which is locked up in a smart contract. A smart contract is a computer program that automatically executes commands once certain conditions are met. The reason a deposit of 100,000 REN is required is because the system is permissionless, so the deposit dissuades people from using the VM for nefarious purposes.
In addition, considering the amount of actual effort and virtual money that goes into running a DarkNode, it is only fair that the people who run them get paid. The payment they receive is in the form of the REN coin. As we have already said, the REN coin is the native crypto token of the Ren network.
Every time someone takes an asset and moves it from one blockchain to another, the DarkNodes get a small reward, paid in REN. That said, you still need to have 100,000 REN if you want to operate a DarkNode.
REN Price Prediction For The Next 90 Days
As the first part of 2024 concluded, we can say that this year has started on a high note for the cryptocurrency industry, marked by significant milestones and growing enthusiasm. Following the landmark approvals of Bitcoin ETFs, there has been a noticeable surge in interest from both retail and institutional investors, signaling a robust period of growth and acceptance for digital assets. These developments have not only bolstered investor confidence but have also hinted at a maturing market that is increasingly aligning with traditional financial systems. With the regulatory landscape beginning to stabilize and provide clearer guidelines, the cryptocurrency market is poised for a transformative year, potentially setting new benchmarks for adoption, innovation, and investment. Bitcoin ETF approvals were done in early January, setting a positive tone for the market. Analysts had predicted the SEC would decide on Bitcoin ETF applications potentially catalyzing industry growth. The approvals have been seen as a significant step towards mainstream acceptance and have sparked optimism among investors and traders alike. Now, attention is turning towards post-halving rallies, with the BTC halving now behind us. Bitcoin has almost tripled in price since last summer, with the recent Wall Street earthquake and the upcoming halving expected to further boost Bitcoin, Ethereum, and the broader crypto market. Bitcoin is trading around $65k now, after it hit a new ATH of $73k in March. Ethereum also had its own ETFs approved by SEC. The ETH price is currently around $3,500 and still has not broken its ATH from the 2021 bull run. Investors are hopeful this will happen soon. The majority of investors, traders, and crypto influencers are hopeful that the real crypto bull run will finally commence, bolstered by the recent ETF approvals and anticipation of the upcoming Bitcoin halving event. ETFs, a growing meme coin, AI crypto coins, and RWA mania have helped the bull run to gain momentum. The total market cap (TMC) is now $2.3 trillion.
Below is a tabular overview of how will REN develop in the short-term (for the next 90 days), according to our prediction model:
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Ren Price Prediction 2024
Our prediction model sees a temporary switch to a bear market at the beginning of 2023 before we move onto another leg up in Q3 & Q4 of 2023.
REN Price Prediction 2025 – 2030 – 2040
Our prediction model sees REN reaching new highs in 2025:
$0.3605REN price in 2030 & 2040 should be a couple of orders of magnitude higher than our 2025 prediction.
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