Price prediction: Why Render Token (RNDR) is increasing despite bearish market

Why Render Token RNDR is increasing despite bearish market
Why Render Token RNDR is increasing despite bearish market

Price prediction: Why Render Token (RNDR) is increasing despite bearish market – The Render Token (RNDR) is one of the tokens with upward movement in price action despite the bearish sentiment of Bitcoin and major altcoins; yesterday we reported about Auxi Infinity token leading the charge into a renewed boom in Non-fungible tokens (NFTs) and today Render token is following the same bullish direction.

According to information found on RNDR token website, the Render Network™, through the use of RNDR™ tokens, is the first network to transform the power of GPU compute into a decentralized economy of connected 3D assets.

“The Render Network is designed to connect users looking to perform render jobs with people who have idle GPUs to process the renders. Owners would connect their GPUs to the Render Network in order to receive and complete rendering jobs using OctaneRender. Users would send RNDR to the individual performing the render work and OTOY would receive a small percentage of RNDR for facilitating the transaction and running the Render Network”

How Render Token (RNDR) has performed in the past 60days

The marketcap of Render Token (RNDR) is currently seated at about $95million which is very low and underpriced at the moment considering the positive potential of NTFs; the RNDR token have maintained a consistent increase in price in the past one year and even at a time Bitcoin and major altcoins experienced a huge correction, the RNDR token has maintained stable upward movement.

RNDR token reached an all-time high of $2.62 during the pick of the bull season and has gained a whopping 1577.2% from its all-time low of $0.03665669 about a year ago and is currently trading at $0.610829 and 11.4% up in the past 24hrs as at the time of writing this post.

The major exchange currently trading RNDR token is Huobi, gate.io, kucoin and over 15 other exchanges, considering the low marketcap of less than $100m it currently values, the token is still in a good entry point.

Why Render Token RNDR is increasing despite bearish market2
RNDR token Chart showing price movement from a year to date – SOURCE: Coingecko

Why Render Token (RNDR) price is increasing

RNDR has implemented a Layer 2 scaling solution on Polygon network designed to reduce transaction costs and reduce the environmental impact of operating within the ETH ecosystem; the scaling solution have enabled the RNDR token to escape the high gas cost of the Ethereum network.

The second reason responsible for RNDR token price increase is the unending interest generated by NFTs and it seems it’s just the beginning as NFTs can rapidly drive mass adoption of the entire crypto industry into the mainstream.

Disclaimer

This article is for information purposes only and should not be taken as a financial advice, consult your financial advisers for professional financial advice.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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