REZ crypto has experienced a significant surge of up to 60% following its listing on Coinbase. But what exactly is REZ, and what does its future hold in terms of potential gains?
Renzo (REZ) has seen a remarkable rally, reaching an intraday high of $0.032, marking a 145% increase from its lowest point this year. With a market cap of $63 million and a daily trading volume of nearly $281 million, the altcoin has been gaining traction among derivatives traders. Open interest in its futures market has surged to an all-time high of $42 million, indicating a growing interest in the token.
The recent surge in REZ’s price can be attributed to its listing on Coinbase, which operates on the Ethereum network as an ERC-20 token. Since the announcement of its listing, REZ has been on an upward trajectory. On March 5, it spiked over 41% following the news, and has continued to rally, reaching a monthly high of $0.032 on March 7.
Whale activity has also been on the rise, with a noticeable increase in the number of large holder addresses holding between 10,000 to 100 million tokens. Additionally, the number of daily active addresses on the network has been steadily increasing over the past two days.
Analysts are optimistic about REZ’s future, as long as it maintains its position above the key support range of $0.01674 to $0.01724. Technical indicators also suggest a bullish outlook for the altcoin, potentially paving the way for further gains.
However, there are concerns about a possible sell-off by VC funds and the Renzo team, who currently hold a significant portion of the altcoin’s total supply. Historically, assets often experience a drop after being listed on major exchanges like Coinbase or Binance. Following its previous listing on Binance, REZ saw a 43% decline within a day.
Founded in 2023, Renzo is a US-based re-staking protocol that allows users to stake various crypto assets, offering features such as auto-compounding rewards and automated risk management. REZ serves as the native and governance token, allowing holders to restake through EigenLayer and earn additional rewards.
In addition to Coinbase, REZ is also available on other major exchanges like Binance, Gate.io, Kraken, and KuCoin. It’s essential to note that this article does not provide investment advice, but rather serves as educational content for informational purposes only.