u.today
Render (RNDR), an artificial intelligence (AI)-based protocol, is losing steam, with the recent plunge in its price. At the time of writing, Render is down 5.42% to $2.45, gradually paring off the gains it has accrued since the start of the month.
Riding on the AI hype, RNDR jumped by more than 60% in October, extending its lead among other related digital currencies. The creeping slump that is coming at a time when most altcoins are soaring is linked to the transactional activity surrounding the wallet of FTX and Alameda Research.
Crypto analytics insights provider Lookonchain revealed a total of $27 million worth of altcoins were moved again by the wallet, with Render taking the bigger portion of the funds. It remains unclear what the purpose of the transfers was, but the general assumption is that Alameda might be liquidating the funds, and this presents RNDR in a vulnerable state.
Though related transfers are not uncommon, per Lookonchain data, this is the highest move as a total of 7.17 million RNDR was transferred valued, at approximately $17.93 million. This figure in the latest transfer is higher than Solana, with 131,833 SOL worth over $4.7 million. Should these transfers continue with RNDR taking center stage, the AI token may eventually shed its accrued gains as the year journeys to a close.
UPDATE:
— Lookonchain (@lookonchain) October 31, 2023
FTX/Alameda transferred $27.2M assets again today, including:
7.17M $RNDR($17.93M)
131,833 $SOL($4.7M)
1,099 $ETH($2M)
845 $MKR($1.18M)
21.7M $REN($1.12M)
2.5M $GRT($273K)
As of Oct 31, FTX/Alameda had transferred ~$106M in crypto assets.https://t.co/WYRZsQ9aIN pic.twitter.com/lo5N9U5gqO
Banking on Render value proposition
Though Render is in a free fall, the projection is that this is a temporary slowdown and a recovery may soon be recorded.
This recovery is poised to be driven by Render's value proposition. Essentially, Render connects artists and studios in need of GPU Mining with partners that can offer this service. This middle-man role aims to decentralize accessibility to GPU miners to power the next generation of creativity.
Over the past year, Render has grown its ecosystem through this offering, and its future price stability hinges on this low-competition value proposition.