Render Soars 50% In 1 Week: Whales Accumulating As Apple Jumps In
May 08 2024 - 9:00PM
NEWSBTC
Render is on the move. Price statistics show that the coin is on an
uptrend, rising by 50% in the last week due to surging trading
volume. The uptick is primarily due to increased whale interest,
which appears to be accumulating, moving RNDR from exchanges. At
the same time, bulls are finding tailwinds following Apple’s
decision to leverage Render in its Octane X rendering software.
Whales Accumulating RNDR, Token Moved From Binance
Lookonchain data on May 8 shows that the RNDR leg up
follows massive token withdrawals from Binance, one of the leading
crypto exchanges. The analytics provider notes that one address,
0x15CF, withdrew 748,898 RNDR tokens (worth approximately $5.3
million) from Binance between April 30 and May. Of note,
Lookonchain analysts note, is that the address boasts of a
remarkable track record with RNDR. The whale has profited on RNDR
in six out of seven trades, raking over $3.5 million in profits.
Related Reading: Bitcoin Suffers Massive Outflows Amid Crypto
Market Uncertainty, Tops $284 Million Besides this, other
withdrawals include 364,586 RNDR (worth over $3.68 million) by
0x1Cb7, who has previously made $480,000 on RNDR. Additionally,
another transfer of 181,922 RNDR ( worth over $1.81 million) by
0xCA9C from Binance. Usually, transfers from centralized exchanges
to external, non-custodial protocols or wallets are seen as
bullish. This is because on Binance, for instance, RNDR or any
other token holder can swap the token for another or cash,
essentially liquidating and increasing supply. This is harder on
non-custodial protocols because liquidity is challenging due to the
absence of other crypto or fiat ramps. Apple Integration Boosts
Demand RNDR prices also rose following news that Apple
would feature Render Network in its Octane X software.
Octane X is a GPU renderer for macOS users. In a keynote, Apple
said this software will empower artists with high rendering
capabilities. Most importantly for RNDR holders, Apple content
creators will leverage Render’s decentralized computing power
whenever they need to process complex scenes and high-definition
animations. By tapping into Render, artists will benefit from
faster rendering times and lower costs typically incurred when
producing high-quality videos or 3D modeling. Related Reading:
Crypto Expert Weighs In On ETH/BTC Pair’s Recent Decline On Apple’s
side, integrating Render and easing activity on its iCloud services
helps reduce server workload, boosting efficiency. Additionally,
analysts said developers might gain access to Render via
Apple’s developer tools. Subsequently, they can create more
demanding models or files without expensive hardware. At spot
rates, RNDR prices are firm, extending gains. It is up 50% from May
lows as bulls target March highs of $13. Feature image from
Shutterstock, chart from TradingView
EOS (COIN:EOSUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
EOS (COIN:EOSUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024