Key Insights.
- RNDR has seen a massive price surge in the past month, especially in the last two weeks, despite the overall bearish market.
- This bullishness may continue.
- Whale transactions and the number of addresses holding RNDR have spiked recently, indicating a strong interest and demand for the token.
- RNDR has the potential to grow further as it taps into the increasing demand for GPU computing power.
Render Token [RNDR] has gained attention over the past month, particularly during the last two weeks because of its massive price movement to the upside.
RNDR is the native token for Render Network, a supplier of decentralized GPU-based rendering solutions.
RNDR is an ERC-20 token that facilitates payments for animation, motion graphics, and VFX rendering within the ecosystem.
There might be reason to believe that a massive pump is incoming for the cryptocurrency.
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And in this article, we focus on the on and off-chain metrics, and what you should know about the cryptocurrency over the next few weeks.
What is Render [RNDR]?
RNDR is a token that powers Render Network, a protocol that enables distributed graphics processing.
In essence, the Render Network helps users looking to render their images and video to find others with unused graphics processing power. It’s more like helping people with hats to find shoes, and vice versa.
Here’s how best to explain it in simple terms:
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Render [RNDR] is a digital token that users of the Render network can use to pay for graphics rendering services.
For example, assume a person wants to make a 3D animation of a dragon. They need to render it using a lot of computing power. This power can be expensive and hectic to set up.
But what if there was someone else with the resources you need, who is willing to render your 3d dragon in exchange for some money?
This is what RNDR does.
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Render [RNDR] allows you to connect with people who have the extra computing power and are willing to rent it out to you. You can send them your 3D model of the dragon and they will render it for you using their computers. In exchange, you pay them with Render [RNDR] tokens.
Render’s Current Price Action
Render has risen through the ranks recently, and is now the 44th largest cryptocurrency by market cap, according to CoinMarketCap.
Why are we interested in this seemingly random cryptocurrency?
Well, for starters, the crypto market is currently red all through.
Despite this, however, Render is one of the only cryptocurrencies on the market with a double-digit rise in its daily and weekly timeframes.
According to the snapshot above, RNDR has risen by a whopping 11% over the last day and by 18% over the last seven.
Did you also know that over the last 12 days, the cryptocurrency has risen by more than 60%?
Its trading and on-chain transaction volume have also skyrocketed, and there might be some reason to believe that RNDR is only just getting started.
Here’s why:
Whale Transactions And the Number Of Addresses Are Spiking
That’s right. Even the whales are interested.
As pointed out by Santiment in an insight piece this week, whale transactions have shot through the roof to their third-highest day in the past month.
Normally, this would mean that these whales are taking profits and dumping their holdings massively.
However, the last two whale spikes with transactions worth more than $100,000 were followed by even more massive price spikes.
A look at look at the address distribution above also shows that shark & whale RNDR addresses are still massively on the rise, in terms of their number of addresses.
This suggests that whales and sharks are jumping massively on this bandwagon and that wallets holding from 1 million to about 10 million $RNDR, are increasing rapidly.
And if whales were actually profit-taking, these numbers of addresses would be declining, instead of rising.
Additionally, Render now dominates 0.4% of all social conversations centred on the top 100 market cap topics.
At a glance, this doesn’t seem very impressive. However, you should note that the rate used to be 0.1%.
Predictions For RNDR
RNDR is poised to grow further as it taps into the increasing demand for GPU computing power.
Several industries like gaming, entertainment, architecture, and education need a lot of graphics rendering services, and the Render Network has just what they need.
The Render Network also has solid backing from its parent company OTOY and members of its advisory board like Ari Emanuel (Co-Founder and Co-CEO, WME), JJ Abrams (Chairman and CEO, Bad Robot Productions) and Brendan Eich (Founder and CEO, Brave Software and BAT).
On the charts, RNDR appears to be forming a classic cup and handle formation and may be on the verge of a more massive price explosion.
This is especially how the next bull run may be happening in less than a few months from now.
As far as predictions go, RNDR may rally further upwards to the $3.3 zone, and then enter a pullback to the $2.5 zone before exploding massively to the upside, if the bears fail to bring it lower.
In all, RNDR has the ability to rally straight up to its $7.9 all-time high or further between 2023 and the end of 2024.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
