Renzo Crypto Explodes 60% After Coinbase Listing—Will the Rally Continue?

YEREVAN (CoinChapter.com) — Renzo Crypto gained 60% in value after its Coinbase listing, reaching a monthly high of $0.032 on March 7. The token has climbed 82% since March 5, when Coinbase first announced the listing.

Data from CoinGecko shows Renzo Crypto’s market cap at $63 million, with daily trading volume doubling to $281 million. The surge was accompanied by a 92% rise in open interest, pushing it’s futures market to an all-time high of $42 million, according to CoinGlass. At the same time, weighted funding rates turned negative, suggesting traders anticipate a price decline.

Renzo Crypto’s Whale Activity Increases

Large investors are accumulating Renzo Crypto, with addresses holding 10,000 to 100 million REZ tokens increasing in number. The number of daily active addresses has also grown over the past two days, indicating a rise in user engagement.

Blockchain data from Santiment confirms this trend, showing increased activity among Rez holders.

Technical Indicators Show Strong Momentum

Rez is holding above its key support range between $0.01674 and $0.01724. Analysts observe that maintaining this range is important for price stability.

On the one-day USDT price chart, technical indicators suggest strong buying pressure:

• Aroon Up is at 92.86%, while Aroon Down is at 28.57%, signaling an uptrend.
• MACD and signal lines are moving upward, pointing to possible price strength.

Renzo Crypto Faces Sell-Off Risks

Despite gains, Renzo Crypto’s price has slightly retraced, reducing its daily increase to 41.5%. Some market participants are concerned about a potential sell-off by large holders.

Current data shows VC funds and the Renzo team collectively hold 51.6% of the total supply. Previously, after its Binance listing, Renzo  lost 43% in a single day, raising questions about possible volatility.

What is Renzo Crypto?

Founded in 2023, Renzo  is a U.S.-based re-staking protocol that allows users to stake different crypto assets. The platform provides auto-compounding rewards and automated risk management.

The Renzo  (REZ) token functions as both a native and governance token. It can be re-staked through EigenLayer, enabling holders to secure Actively Validated Services (AVS) and earn additional rewards.

Aside from Coinbase, Renzo Crypto is listed on Binance, Gate.io, Kraken, and KuCoin.