Republic Protocol (REN) Continues 96% Weekly Pump While Bitcoin Flounders
Republic Protocol (REN) gained 96% during the past seven days while Bitcoin and the rest of the cryptocurrency market lost value.
In the past month, this little known altcoin has gone on to become the 14th highest traded cryptocurrency in the world – if Binance’s numbers are to be believed. All of this comes amid the build-up to the release of the Ren Virtual Machine (RVM) on testnet.
Republic Protocol Climbs Amid Downfall
Since Bitcoin posted the second peak of its double-top formation on July 10th, its value has done nothing but drop. The same can be said for most major altcoins, which can’t yet get away from Bitcoin’s gravitational pull.
Small-cap altcoins can move independently with more ease due to their lower trade volume. But their movements are often heavily manipulated for that very reason.
That’s not to suggest this of Republic Protocol. However, the fact that 97% of its trade volume comes from Binance is reason to be suspect. Especially since REN is only listed their against two trading pairs – BTC and BNB; and Binance has been known to pump its own numbers in the past.
That said, the value proposition of Republic Protocol could still be genuine. The word ‘first’ pops up often in the crypto world, and indeed REN claims to be:
“The first and only open protocol that provides access to inter-blockchain liquidity for all decentralized applications.”
That means atomic swaps, cross-chain transactions, and interoperable smart contracts that will hop between blockchains. Also focused on privacy, REN aims to draw financial institutions into cryptocurrency trading by building dark pools, along with all the private infrastructure that Wall Street companies apparently favour.
All of this will be put to the test when the REN testnet is deployed, probably at some point in the next few months. The latest development update notes the team have entered “the final stages” of the testnet development.
The update also details the development of a transaction management system, which allows users to send multiple Bitcoin, Zcash, and other crypto transactions as a single tx.
Perhaps the lack of a solid date for the testnet launch is what has driven speculation on REN thus far. In the past week the token price leapt from a value of $0.068842 up to $0.135604, marking 96% growth.
That number jumps to 124% over the past month, and a ridiculous 496% for the previous quarter. Since early February the token gained over 760% as it climbed from a value in the 1 cent range.
REN is still only listed on 6 exchanges, and only 4 of them show any real trade volume. Despite this, the token is already one of the year’s best performing altcoins, and is less than a cent away from hitting the all-time high it recorded in May 2018.
Read last December’s Republic Protocol: Why You Should Pay Attention to REN in 2019 to learn more about the project.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.