Render (RNDR) Price Prediction

The price of RNDR today is $3.23, changing within the past 24 hours for -3.46% and -10.64% over the week. RNDR’s price action is characterized by the Bearish sentiment.

The current volatility index for RNDR is measured at 6.32%. RNDR’s circulating supply is 518.58M. In the big picture, the highest price RNDR has reached is $13.5663 and its lowest observed price was $0.0001.

RNDR Sentiment

Which way the market swings today? Overall, technical indicators show that currently, the sentiment in the RNDR markets is Bearish. The Fear and Greed Index for RNDR today is in the 70 (Greed) zone.

What is Render and RNDR Crypto?

     
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Render (RNDR) is a utility token that powers the Render Network, a decentralized cloud rendering platform. RNDR enables users to access high-performance computing power for rendering complex graphics and animations. By utilizing blockchain technology, the Render Network connects idle GPUs around the world, creating a distributed network that offers fast and cost-effective rendering services.

RNDR tokens are used for payment and incentivization within the network to let users easily access rendering resources and earn rewards for contributing their computing power. With its decentralized and efficient approach, RNDR aims to disrupt the traditional rendering industry and provide a seamless experience for artists and designers.

Marketplaces for computing resources are a familiar idea in the crypto space but Render makes the next step to specialize even further. Decentralizing and democratizing GPU resources is a solid use case that warrants high expectations for RNDR. The token usage is steadily growing, and more use cases such as augmented reality, metaverse, and virtual reality are listed on the official website.

What Influences the Price of the Render Token (RNDR)?

Solana Migration

The main topic for the Render Network community these days is the ongoing migration to the Solana blockchain. It has been in the plans since 2021 but the action started in 2023 with the RNP-002 proposal. The community was far from unanimous in voting for the migration from Polygon, and in the end, about one-third of the votes were cast against it.

According to the proposal, Render Network is to gradually migrate its infrastructure to Solana. Its Ethereum- and Polygon-based assets, including the RNDR token, are to remain intact but without support from the Render Foundation. Alongside the migration, Render Network implements RNP-003, a new tokenomic model — burn-and-mint equilibrium (BME) and a new SPL token RENDER.

The ERC-20 token RNDR will not cease to exist but after a transitory period, it will become unusable on the Render Network. The Render Foundation chose to incentivize transition over forcing the users to go along with it. The incentives program is valid through October 2024.

Adoption and Network Growth

The main rationale for such a drastic change in the way Render’s platform works was consistently the scaling and stability. OTOY built the Render Network hoping that one day it will scale to thousands of users and millions of jobs.

Due to the nature of the project, Render has a lot of value to offer to other crypto-adjacent companies and platforms and can benefit from strategic partnerships with them. For now, there has been news only about small-scale partnerships. However, some names well-known in the industry are on their radar: Brave, Decentraland, and Siacoin among others.

AI Narrative

The upward trend that Render has been experiencing since early 2023 can be attributed to the rise of the AI narrative. Renting computing power turned out to be a service in high demand not only for digital creators but also for machine learning (ML) and large language models (LLMs). The process of “training” a model is a resource-intensive one, and Render’s outsourcing is the right match for this type of work.

As such, Render is now included in the category of “AI coins”, which are on the rise due to the general trend in the tech industry. Narratives can work wonders for the perceived value of an asset: for comparison, it is believed that the “digital gold” narrative helps Bitcoin to be perceived as more valuable.