Binance Will Buy Claim, This Altcoin Blows Up!

A DeFi-focused altcoin project has been on the rise amid the news about the Binance acquisition. It gained more than 40% value during the day and reached the first place on the green board.

Binance acquisition news blows this altcoin project

Ren Protocol was the name that rallied after the news of the acquisition. The altcoin has gained over 40% in the last 24 hours. The social search volume of the project also follows this momentum. The new analysis pays tribute to Protocol’s development activities and tokenomic status. One of the most recent reports came from Twitter’s Lookonchain:

Rumors that Binance CZ will buy led to an increase in the REN price. Due to the Alameda/FTX collapse, the Renprotokol development team only has funding until the end of Q4. The team will raise additional funds to cover the costs.

Lookonchain shared some potential explanations for the unexpected 40% increase in the price of the Ren Protocol (REN). The REN price rose from $0.1 to almost $0.14 in less than three hours on the largest spot exchanges.

Is Binance buying Ren Protocol?

After the collapse of FTX, CEO CZ took another step towards fulfilling his role as savior. Binance recently launched a $2 billion bailout fund for struggling crypto firms. Currently the Ren team needs additional funds. The project team is requesting this to continue development of Ren 2.0 after announcing that it will shut down the Ren 1.0 network. The original network was previously under Alameda’s control. The Ren team has previously said it will share potential ways to raise additional funding with its community. Now the relevant investment news is that Binance is backing Ren from the bailout fund. This leads to an unexpected explosion on price.

REN moved up to the top of the green board

According to CMC data, the REN token has the best performance among the top 150 cryptocurrencies. Most people confirm that this rally was due to the Binance purchase. Meanwhile, Ren Protocol backers include Kyros Labs, Binance Ventures, BNB Chain. Following the collapse of Alameda Research, Binance released a video of a stream that supports the theory that it was bought.

Alameda’s influence continues to spread to the altcoin market

Ren comes across as one of the built-in DeFi protocols in Web3. The project first debuted on Republic Protocol in 2017. He invented several key ideas for Web3, including pools and B2B liquidity solutions. The project team released a statement earlier today announcing that it now has sufficient funding to sustain operations for only five weeks, as a result of Alameda Research’s collapse.

Alameda had purchased the Ren Protocol (REN) in 2021. In order to save the project from its collapse, the recent Rhine developers decided to make their management processes decentralized and community-oriented. As you follow on Kriptokoin.com, Alemade has officially declared bankruptcy in November.