Why is RNDR token rising?

Blockchain is being touted as the technology that might soon shape many aspects of life. Bitcoin (BTC) is a product of the same tech. In the crypto world, different projects are using the blockchain in their own unique ways.

Mining finds a key place in the cryptoverse with miners using sophisticated Graphics Processing Units (GPUs) to create new crypto tokens. One crypto project, Render Network, claims to leverage the idle GPU capacity and put it to use, with returns accruing to the GPU owner. Render’s native RNDR token is up more than 30% over the past 24 hours. Let’s explore.

What are Render Network services?

The network claims to connect a GPU owner with someone who wants to perform a rendering job. It uses the concept of mining to perform a different function using idle GPU strength. It is said that the owner of a GPU can pick a job uploaded on Render Network and earn RNDR tokens by completing it. GPU owners, Render Network states, become node operators.

On the other hand, people who want to perform rendering jobs are referred to as “creators” within the network. One primary function of Render Network is said to be helping artists by storing their designs in a decentralised space.

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 US$108 million, as of writing. Render is one of the top 200 assets on the list where BTC and ETH always occupy the top two positions.

The price of the RNDR token is over US$0.4 and the 24-hour trading volume is over US$50 million, at the time of writing. Both price and trading volume have surged, with price having gained over 30% and the trading volume up almost 500% over the past one day.

More than 250 million RNDR tokens are in supply. It is listed for trading on exchanges like 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 NFT.NYC event 2022.

Separately, BTC and ETH have also gained immensely over the past one day. This could have fueled interest in other major altcoins like Render crypto.

Data provided by CoinMarketCap.com

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

Bottom line

Render Network provides services that help connect a person willing to render with a person having idle GPU processing. The RNDR token is native and serves as the network’s medium of exchange. On a year-to-date (YTD) basis, Render crypto has lost value, but it is up over 30% in the past one day.

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