AI Token Render (RNDR) Jumps 140% in Large Transactions, Here’s Price Reaction

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In spite of a downturn in the larger cryptocurrency market, metrics for RNDR, an AI-powered token by Render (RNDR), have surprisingly surged. According to ITB’s data, large transactions for this token increased by as much as 140% within a day, resulting in a dollar evaluation of approximately $74.29 million.

Unusual Render trend

The market data of Render shows that it is recording a series of upticks that are notably unusual. The large transaction count, which defines RNDR movement above $100,000, jumped from 23 as of April 7 to 60 as of April 9. The actual token valuation and the monetary equivalent also jumped significantly over the past few days.

The significant increases in usage have strengthened Render’s standing as one of the most widely-used AI protocols, with over 61,570 profitable addresses out of a total, according to IntoTheBlock data, accounting for 74.13% of the entire user base.

Approximately 20.28% of the addresses, which are out of the money, have a value of 16,840, while around 5.59% of the addresses, which are at or below their break-even point, represent 4,640 in total.

In spite of the recent improvement in these key performance indicators, the price of Render (RNDR) is reflecting the overall negative trend in the market. At present, RNDR is priced at $9.23 per token, representing a decrease of 6.65%.

Building on AI hype

In simpler terms, Render stands out as a one-of-a-kind player in the AI industry, focusing on spearheading the GPU marketplace for Web3 applications. To accomplish this goal, they are actively partnering with key players in the blockchain technology sector.

Render has gone against the flow of the market as it continues to gain popularity, a trait that highlights its distinctiveness and the recognition of its value proposition. The integration of AI in blockchain is still an emerging field, providing Render, along with Fetch.ai, with a prime opportunity to take the lead when the industry reaches maturity.

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2024-04-10 16:23