Amid the growing enthusiasm for artificial intelligence in the world of cryptocurrencies, RNDR, the native token of the Render network, has caught the attention of many investors. The Render network, which operates on top of Ethereum, connects artists and studios in need of GPU computing power with mining partners. And recently, it has benefited from the wave of interest in SocialFi.
While SocialFi platforms like Stars Arena, Friend.Tech, and Post.Tech are dominating the headlines, the Render network has been quietly carving out its place. On-chain data from Santiment reveals that RNDR has seen a significant increase in the number of new users. In one month, the network jumped from 121 new addresses on September 5th to an impressive 230 on October 2nd.
In the last 30 days the RNDR cryptocurrency has risen more than 26.9%. At the time of publication, the price of RNDR was quoted at US$1.85, down 1.9% in the last 24 hours.
And the market appears to be reacting to this trend. Recent order book data from renowned exchanges such as Binance, Coinbase, and Kraken indicates that buy orders for RNDR have exceeded supply. The numbers are clear: while 7.5 million RNDR are being requested for purchase, only 7.1 million are available for sale.
This imbalance between supply and demand suggests that RNDR is attracting more interest. And, with the growing hype around SocialFi, demand for the Render token is only going to increase.
But what does this mean for the future of RNDR? Well, the projections are optimistic. Current trends indicate that RNDR price could surpass the $2 mark. Data from In/Out of Money Around Price (GIOM) shows that if RNDR overcomes the $1.90 resistance, there is a good chance of reach and even exceed US$2.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.