TL;DR
- RNDR’s Rally: Render (RNDR) hit an all-time high of $10.30, surged by 50% last week, and saw $31.65 million in profit taking by holders, with Santiment highlighting a spike in social media mentions and on-chain activity.
- Bullish Outlook: The altcoin shows potential for further gains, supported by increased investor engagement and daily active addresses, with predictions suggesting a possible rally beyond $11.
- AI Coin Trend: The rise in AI tokens, influenced by events like NVIDIA’s AI conference and Elon Musk’s legal battle, has boosted RNDR, with NVIDIA itself seeing a 6% value increase in just 5 days, reflecting the growing interest in AI within the crypto market.
Cryptocurrency analysis company Santiment has drawn attention to the impressive performance of Render (RNDR), an altcoin in the field of artificial intelligence. RNDR has surged by 50% in the last week, making it one of the most trending altcoins with an increasing mention rate on social media networks.
🤖📈 The #AI & #BigData surges continue, as #crypto projects related to the expanding industry continue to blossom. $RNDR (+11%) is seeing rapidly rising conversations as the top trending asset currently. Keep an eye on $AIOZ, $TURBO, $CIRUS, & $DERI also. https://t.co/pJBNqXUjzc pic.twitter.com/lZmSmGMGX9
— Santiment (@santimentfeed) May 7, 2024
RNDR’s Recent Milestones
- All-Time High: On Thursday, RNDR hit a new all-time high, reaching a price of $10.30 on Binance.
- Profit Taking: Despite this rally, RNDR holders have taken a substantial $31.65 million in profits over the past week.
- On-Chain Metrics: Santiment’s on-chain data reveals a surge in Active Addresses and whale transactions valued at $100,000 and higher, indicating strong demand for RNDR among traders.
Render (RNDR) shows strong potential for further price gains. The altcoin’s bullish signal is supported by rising investor engagement, an increasing number of daily active addresses, and favorable conditions. Given the trend, RNDR could potentially rally beyond $11.
Other Altcoins to Watch
While RNDR stands out, Santiment analysts also recommend keeping an eye on several other altcoins in the same domain:
- AIOZ Network (AIOZ): A project related to decentralized video streaming.
- Turbo (TURBO): An altcoin likely associated with speed or efficiency.
- Cirus Foundation (CIRUS): A lesser-known altcoin with potential.
- DeriProtocol (DERI): A protocol for decentralized derivatives.
AI Coin Narrative
The resurgence of AI tokens, fueled by events like NVIDIA’s upcoming AI conference and Elon Musk’s lawsuit against Sam Altman, has contributed to RNDR’s rally. Investors are increasingly recognizing the potential of artificial intelligence in the crypto space.
Nvidia, the leading artificial intelligence-focused company, has experienced significant growth recently. Over the past 5 days, its value surged by more than 6%.
Historically, Nvidia has been closely associated with its performance in the context of Bitcoin. However, its prominence skyrocketed further with the rise of artificial intelligence, especially after the success of OpenAI.
