• REN tokens rose 25.93% in the last 24 hours, with large “whale” and “shark” addresses increasing their holdings by 4.73%.
• Trading volume also jumped to over $200 million as traders were confident in the trend of REN.
• The network growth was decreasing while the weighted sentiment was increasing, showing investor perception of the asset was positive.
REN Price Increase
CoinMarketCap showed that Republic Protocol [REN]’s price had increased 25.93% in the last 24 hours. Santiment reported that addresses holding between 10000 – 1000000 REN had upped their bags by 4.73%.
The trading volume for REN had jumped to over $200 million, reflecting an increase in investor participation in the market with traders being confident with the trend of REN.
The network growth revealed a decrease from 18.60 to 22 which implied that most of the investors involved were short and long-term holders rather than day traders.
The weighted sentiment showed a move away from below equilibrium at 0.025, implying that there was a high unique social volume and majority of messages were positive regarding the value of REN tokens.
On-chain data showed that Market Value to Realized Value (MVRV) ratio suggested caution as it had jumped above 1; any MVRV ratio above 1 means investors are likely to take profits soon after investing heavily into an asset before its price rise period ends abruptly