The REN price rise to an all-time high shortly after its last integration with Binance Smart Chain.
The Ren (REN) price experienced a strong 65% break on February 19, as the interoperability-focused protocol showed continued accumulation from whale wallets holding more than 1 million RENs.
Data from Cointelegraph Markets and TradingView show the REN rose to an all-time high of $ 1.84 on Feb.19.
When it was announced that Dogecoin (DOGE) will integrate with REN and enable renDOGE trading in the growing DeFi ecosystem, there was a remarkable increase in the protocol.
Since then, the REN ecosystem has continued to grow as higher-level projects such as Filecoin (FIL) turned into renFIL, which is currently being added to the AAVE ecosystem.
Binance Smart Chain integration strengthens the use case of REN
REN was trading at $ 0.94 on February 15, before RenBridge 2 was announced to be operational and integrated with Binance Smart Chain. Since then, the trading volume and the total value locked in RenVM have increased steadily.
VORTECS data from Cointelegraph Markets Pro began to detect a bullish outlook for REN on February 18 before the recent price hike.
Exclusive to Cointelegraph, the VORTECS score is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
As shown in the chart above, the VORTECS score started to rise following the announcement of RenBridge 2 on February 15th and rose to 81 on February 18, shortly before the price of the REN started to rise.
Recent integration with BSC has again highlighted the REN blocked due to high transaction costs in the Ethereum network.
With the warming of decentralized finance, interoperability between blockchain networks becomes essential for a well-functioning market. REN is emerging as a key part of the cross-chain interaction.