In this guide, we will express our and the market’s opinion on the future of REN as we discuss Ren price forecasts for 2023 and beyond.
Keep in mind that you should take this and any other forecast with a grain of salt as predicting anything is a thankless task, let alone predicting the future of a new highly volatile financial asset like Ren.
Now, let’s get into it. Before we delve into Ren’s price prediction and answer questions about whether REN is a good investment or not, why REN will succeed or fail, or why Ren’s price will rise or fall, let’s quickly take a look at what REN is and its history to date.
What is Ren (REN)?
The Ren protocol (formerly Republic Protocol) is designed to provide interoperability by allowing people to transfer cryptocurrency on different blockchains. It allows anyone to lock cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC) in the Ren software and mint the equivalent tokens ERC-20 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, such as trading, portfolio management, loans and loans. Original assets remain locked in the Ren software and can be unlocked at any time for a fee.
Explanation of REN coin
The REN coin is the native cryptocurrency token of the Ren VM network. What makes both REN coin and the Ren protocol a bit different from other systems and their native cryptocurrencies is that you don’t need to hold the REN cryptographic token (coin) to use the Ren network. Instead, you can use the network to transfer other cryptocurrencies through blockchain and pay any fees using the blockchain’s specific currency.
In terms of who runs RenVM, this is done by a group of computers called DarkNodes. DarkNodes help the system by adding capacity, bandwidth, and computing power to the network.
Anyone can use one of these DarkNodes, but requires the payment of a deposit of 100,000 REN, which is locked into a smart contract. A smart contract is a computer program that automatically executes commands once certain conditions are met. The reason why a deposit of 100,000 REN is required is because the system is permissionless, so the deposit deters people from using the VM for nefarious purposes.
Also, considering the amount of actual effort and virtual money that goes into running a DarkNode, it’s only fair that the people who run them get paid. The payment they receive is in the form of a REN currency. As we have already mentioned, the REN coin is the native cryptographic token of the Ren network.
Every time someone takes a resource and moves it from one blockchain to another, the DarkNodes receive a small reward, paid in REN. That said, you still need to have 100,000 REN if you want to use a DarkNode.
Price REN forecast for the next 90 days
The entire cryptocurrency world is on the verge of complete collapse. Bitcoin fell 75% from its all-time high amid broader market declines caused by furious inflation and the US Fed’s rate hikes.
When you add the most recent collapses of huge industry players (FTX, Celsius, Moon etc.) into the equation, the horizon is murky and there will be more blood on the streets of the crypto city.
Investors are selling risky assets and moving to more stable markets. Crypto is still perceived as a very risky game and therefore sell off.
Our algo still sees some green in 2023, especially in the second half of the year. This is reflected in our forecast for 2023.
Right now, Bitcoin needs to find a bottom before we can move in the opposite direction and reverse the trend.
Once Bitcoin settles into the new price range, altcoins will start doing the same – we’ve seen this scenario dozens of times in distant and more recent history.
Our price forecasting model is bearish for the next 90 days with a hint of a bull market straddling quarters from Q1 to Q2. We expect whales and other larger players in the market to finish filling their bags around that time, which will cause a typical and sudden crypto spike.
The fundamentals we evaluate are teams, tokenomics, use case, community, marketing efforts, liquidity and availability of exchange, hype and speculative potential, and some other proprietary factors developed in our crypto lab.
Ren Price Prediction 2023
Our forecast model calls for a temporary shift to a bear market in early 2023 before moving to another lead in Q3 and Q4 of 2023.
REN Price Prediction 2025 – 2030 – 2040
Our forecasting model sees REN reaching new highs in 2025:
$0.5226
The REN price in 2030 and 2040 is expected to be a couple of orders of magnitude higher than our 2025 forecast.