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Ren DAO to Vote on Plan to Mint New Funding Tokens

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Today’s Cryptocurrency Headline

The Ren community, which oversees a DeFi protocol that issues wrapped crypto assets, is considering the minting of new tokens to raise capital after the collapse of Alameda Research left the project without access to its funds. The proposal proposes four options for minting amounts, including 50 million, 100 million, 150 million or 200 million REN tokens, and a fifth option to reject the entire plan. At the current token price, Ren could raise from $4 million and $17 million. As previously reported, Ren stated that due to the bankruptcy of Alameda Research, the funds provided to the Ren development team will only last until the fourth quarter. Ren is negotiating with investors to continue to promote development and plans to launch Ren 2.0 earlier than expected.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is down 1.73% over the last 24 hours and fell to an intraday low of $17,275.51. Bitcoin is trending downwards after reaching a one-month high of $18,387 around the latest macroeconomic data and policy update from the United States, suggesting investors are worried about the future outlook of the U.S. economy. The relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. If the BTC/USDT pair drops below the 20-day EMA ($17,215), it could fall into the $16,500 – $17,000 zone again.

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