Renzo ($REZ) has hit a double bottom, facing intense liquidations since its listing. The selling pressure has driven the price down significantly.

Today, a whale, likely an investor in the Renzo project, deposited 34 million $REZ (valued at $2.09 million) onto Binance.

Previously, on June 27, 2024, this whale had received 50 million $REZ at a price of $0.0954 per token (totaling $4.77 million) from the multi-signature wallet of Renzo Protocol.

Additionally, 14 days ago, the same whale deposited 16 million $REZ ($1.19 million) onto Binance. With today’s deposit, the whale has now transferred the entire amount received to the centralized exchange.

More Whales Record New Loss In $REZ Investment 

If the whale decides to sell all the deposited $REZ, they would incur a significant loss of $1.5 million, which equates to a 31.21% decrease in value.

Despite these developments, Renzo Protocol is making strides in enhancing its ecosystem. Recently, it enabled governance participation and increased the utility of the $REZ token.

This allows token holders to propose and vote on key governance proposals, maximizing their holdings’ utility through ezSTAKE and ezREWARDS. Furthermore, $REZ token stakers will be eligible for future ecosystem rewards from the Renzo Treasury.

Renzo Protocol is a liquid restaking protocol with over $1.8 billion in total value locked. It is backed by prominent investors, including Binance Labs, Maven11 Capital, OKX Ventures, and Papervc. This recent innovation aims to strengthen the protocol’s community involvement and enhance the overall utility of the $REZ token amidst market challenges.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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