Shares of Renren—China’s forgotten social network—just jumped after ICO announcement

Renren, the “first Facebook of China” that has fallen out of fashion in recent years, is making a strong comeback in New York this week with its shares surging to over $18 by Jan 4, up from around $10 before the new year.

The spike came after Renren announced its plan to start an ICO project called RR Coin, “an open-source blockchain platform for social networks,” says the social networking company. Renren marks another top Chinese dot-com company after Xunlei that wants to reinvigorate their business through a blockchain dream.

Analysts also attributed Renren’s strong performance to the company’s recent acquisition of the American company Trucker Path, a trip planning app for truck drivers.

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