As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market fluctuations, and today’s dip in RENDER‘s price is just another rollercoaster ride in the world of digital assets. Having witnessed similar situations with other promising projects, I’m not too phased by this temporary setback.
Today, the native token from a provider specializing in decentralized graphics processing unit (GPU) rendering services experienced a drop of 13%. Remarkably, this decline has taken the token to its lowest point this week.
Based on information from CoinGecko, the price of Render’s token, RENDER (RENDER), has dropped below 13% in the past 24 hours. At present, this token is being traded at $5.16 per unit, with a total market capitalization of approximately $2.05 billion.
Initially priced at $6.80 on September 30, RENDER experienced a drop, diving to $6.09 on October 1. Since then, the token’s value has kept decreasing and reached its lowest point of $5.17 on October 3.
On September 25th, the token experienced significant growth after being purchased by large investors like whales and sharks. This acquisition propelled the token’s price increase by over 33% within a week, indicating a bullish trend. Remarkably, this surge in value happened concurrently with a sudden rise in the prices of tokens associated with artificial intelligence, such as Bittensor (TAO), which also experienced a price hike.
During the intense accumulation phase, whales and sharks significantly increased Render’s overall supply, which resulted in a 3.7% increase in their respective holdings.
Since then, the token’s price has yet to recover following its dive in October.
In a July assessment, crypto.news speculated about the potential increase of RENDER after a projected 2025 bull market, yet it’s uncertain whether this will materialize given the escalating demand for AI solutions.
Transform (or rephrase) as follows: “Transform is a globally distributed GPU rendering service, empowering artists to tap into high-performance graphics processing units (GPUs) located around the world whenever they need it for their creative projects. Known for its expertise in rendering and artificial intelligence technology, the company offers innovative solutions.
The native token of Render, known as RENDER, is used for transactions between users who supply GPU power and those who receive it. Previously, this token was identified by the symbol RNDR.
The Render Network functions within the OTOY technological infrastructure, leveraging OctaneRender software. This versatile software has been seamlessly incorporated into various applications such as Blender, Adobe After Effects, Houdini, Autodesk Maya, Unreal Engine, and numerous others.
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2024-10-03 13:34