thenewscrypto.com
- Render Token (RNDR) has witnessed a significant 14% surge in a Day.
- Top holders in the RNDR ecosystem have continued to double down on their long positions.
Render Token (RNDR) has witnessed a significant surge in its price over the past few months. As of today, the live Render Token price is $1.61 with a 24-hour trading volume of 193,582,224 USD, according to CoinMarketCap. The native RNDR token of Render Network has delivered a staggering 400% performance, breaking above $2.00 for the first time in 10 months.
RNDR is a distributed GPU rendering network built on top of the Ethereum blockchain, connecting artists and studios with mining partners for rendering. The network is designed to enable artists to exchange their RNDR tokens with GPU compute power from GPU providers.
Investor Speculation Caused RNDR’s Price Surge
On-chain data shows that top holders in the Render Network ecosystem have continued to double down on their long positions with expectations of higher prices. Whale activity and positive daily weighted sentiment have also been on a sustained increase, indicating an impending boom in RNDR price. However, RNDR’s prediction markets are flashing mild-bearing signals, calling for some caution as more investors are making additional short bets against RNDR to position for an impending correction.
Despite the surge in price, there do not appear to be fundamental drivers of the surge in the price of DeFi tokens in what is clearly a market driven by speculation given the very high.
Furthermore, Render Network rally is likely to continue into mid-April, but investors should always conduct their own research and consult with a professional before making any financial decisions. While RNDR’s price surge may be due to investor speculation, its use case in the GPU rendering industry is promising and could potentially lead to further adoption and price appreciation in the future.