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REN decouples from market – did the sharks play a role?

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Addresses who held thousands to millions of REN were instrumental in the token price rise. While network growth fell, investor sentiment remained high. As many cryptocurrencies lingered in consolidation, Republic Protocol [REN], gained massively. At press time, CoinMarketCap showed that REN’s price had increased 25.93% in the last 24 hours. 🦈📈 #Ren has decoupled from […]

The decoupling from the broader market sentiment might have been impossible without the input of whales and sharks. Santiment, on 28 February, reported that addresses holding between 10000 – 1000000 REN increased the percentage of the token in their portfolio.Following the price rise, REN’s trading volume also increased. Usually, REN struggles to get a daily volume in hundreds of thousands. But data as of this writing put the 24-hour trading volume at over $200 million.

Between 27 – 28 February, the network growth jumped from 18.60 to 84.27. But at the time of writing, the metric had declined to 22. The network growth reveals the number of new addresses created on a network daily. So, the fall implied that most of the investors involved in trading REN were short and long-term holders.Be that as it may, the token still ranked high in terms of the trending words in the crypto market. Despite being extremely low six days back, REN went as high as 281.

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