Mission Ren (REN) was acquired by Alameda Analysis LLC — a sister firm of the bankrupt crypto alternate — in early 2021, however as a result of Chapter 11 submitting, Ren’s improvement group has determined to “transfer on.”
Because the undertaking introduced its separation from the bankrupt Alameda on Nov 19, REN’s social dominance, improvement exercise and value have seen notable actions, based on the on-chain information 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 value 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 only 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 alternate FTX filed for Chapter 11 chapter safety, bringing down its sister firm as effectively.
The collapse made Ren’s builders “transfer on” from their partnership with the bankrupt agency as they solely have “funding till the top of This autumn,” per a press launch on REN’s weblog.
Moreover, Ren is making ready for one more funding spherical for the reason that firm won’t have the ability to proceed its journey with out “extra funding.”
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