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

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Written By Maya Cantina

Wed, 10/04/2024 – 12:23

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Artificial Intelligence (AI)-based token Render (RNDR) has seen some of its key metrics jump in defiance of the broader market. According to data from crypto analytics platform IntoTheBlock (ITB), Render Large transactions have jumped as high as 140% in 24 hours, bringing the dollar valuation to $74.29 million.

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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 impact of these surges has also helped solidify its position as one of the AI protocols with the highest number of addresses in profit. The IntoTheBlock data pegs the addresses on Render that are “In the Money” at 61,570, a figure that represents 74.13% of the total.

Addresses out of the money come in at 16,840, or 20.28% of the total, while those at or below their break-even point are 4,640, or 5.59% of the total.

Despite the bullish uptick in these metrics, the Render (RNDR) price is also still showcasing the broader market‘s bearish twist. RNDR is down by 6.65% to $9.23 per token.

Building on AI hype

Render occupies a very unique and distinct niche in the AI ecosystem, and it is playing a niche game such that it can spearhead the GPU distribution marketplace in the Web3 world. One strategic move it is pushing to achieve this is the collaboration with active partners in the blockchain tech world.

With its growing embrace, Render has been moving against general market expectations for some time, a trend that underscores its uniqueness and value proposition recognition. AI in blockchain is still a very new niche, a situation that will give Render a first-mover advantage alongside Fetch.ai when the industry fully matures.

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