hit counter

Why is the RNDR token rising?

Blockchain is being touted as the technology that could soon shape many aspects of life. Bitcoin (BTC) is a product of the same technology. In the crypto world, different projects use the blockchain in their own way.

Mining holds a key place in the cryptoverse as miners use sophisticated graphics processing units (GPUs) to create new crypto tokens. A crypto project, Render Network, claims to harness and leverage the idle GPU capacity, with returns accruing to the GPU owner. Render’s native RNDR token is up more than 30% in the last 24 hours. let’s explore

What are Render Network services?

The network claims to connect a GPU owner with someone who wants to run a rendering job. It uses the concept of mining to perform some other function using idle GPU power. It is said that the owner of a GPU can select a job uploaded on Render Network and earn RNDR tokens by completing it. GPU owners, according to Render Network, are becoming node operators.

On the other hand, people who want to run rendering jobs are known as “creators” within the network. A primary function of Render Network is said to be to help artists by storing their designs in a decentralized location.

also read: What are Habbo NFTs and why are Habbo Avatars trending?

RNDR crypto price

Render Crypto or the RNDR token has a market cap of nearly $108 million at the time of writing. Render is one of the top 200 assets on the list, with BTC and ETH always occupying the first two positions.

The price of the RNDR token is over $0.4 at the time of writing and the 24-hour trading volume is over $50 million. Both the price and the trading volume have skyrocketed, with the price increasing by over 30% and the trading volume by almost 500% over the course of the last day.

More than 250 million RNDR tokens are on offer. It is listed for trading on exchanges such as FTX and Binance.

Why is render crypto rising?

One of the reasons could be the recent listing of the RNDR token on Coinbase for New York residents. Another reason could be the Render Token’s participation in the 2022 NFT.NYC event.

Regardless, BTC and ETH have also seen huge gains over the past few days. This may have sparked interest in other major altcoins like Render Crypto.

Skip the last 24 hours

Data provided by CoinMarketCap.com

also read: What you should know about Bubbleworld NFT and Founders Pass

bottom line

Render Network provides services to help connect a person who is willing to a person who has idle GPU processing. The RNDR token is native and serves as the network’s medium of exchange. Year-to-date (YTD), Render Crypto is down in value but is up over 30% over the past few days.

Risk Warning: Trading cryptocurrencies involves a high level of risk, including the risk of losing some or all of your investment, and may not be suitable for all investors. Cryptocurrency prices are extremely volatile and can be affected by external factors such as financial, regulatory or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) are subject to change. Before deciding to trade any financial instrument or cryptocurrency, you should fully understand the risks and costs involved in trading the financial markets, carefully consider your investment objectives, level of experience and risk tolerance, and seek professional advice if necessary. Kalkine Media cannot and does not represent or warrant that the information/data available here is accurate, reliable, current, complete or suitable for your needs. Kalkine Media accepts no liability for any loss or damage arising out of your trading in or reliance on the information shared on this website.

Leave a Comment