Rain splits from Alameda, token activity increases

Project Ren (REN) was acquired by Alameda Research LLC – a sister company of the bankrupt crypto exchange – in early 2021, but due to the Chapter 11 filing, Ren’s development team has decided to “move on”.

According to on-chain data provider Sentiment, REN’s social dominance, development activity and price have seen notable changes since the project announced its separation from bankrupt Alameda on November 19.

According to the data, on the day of the detachment, REN was trading at around $0.07, a significant increase from $0.13 on November 26. In the next few days, however, the coin price dropped to around $0.06 on December 25 and has since recovered. $0.08 mark.

REN’s market cap increased by 30% in the last 24 hours to over $78 million. The asset’s all-time high (ATH) of $1.83 was recorded in February 2021.

The Fall of the Alameda, the Fall of the Rain

As Alameda Bahamas-Based Cryptocurrency Exchange Set to Create 180 Million Tokens “In Preparation for RAIN 2.0” ftx filed for Chapter 11 bankruptcy protection, bringing down Also its sister company.

The collapse prompted Ren’s developers to “move on” from their partnership with the bankrupt firm as they only have “funds until the end of Q4”, according to a press release on REN’s website. blog,

Furthermore, Ren is preparing for another funding round as the company may not be able to continue its journey without “additional funding”.

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