The digital currency market continues to fluctuate and evolve, with Render, or RNDR, making a significant and potent move. The coin has emerged as a shining star on the digital landscape, experiencing a remarkable rise of 50% in the past week. The surge comes on the back of a monumental increase in trading volume, demonstrating the tumultuous and ever-dynamic nature of the cryptocurrency markets.
The sudden uptick is primarily spurred by a surge of wholesale buyers, colloquially known as “whales”, who are voraciously accumulating RNDR and reducing its availability on exchanges. This jostling by the whales coincides with favorable market conditions, propelled by Apple’s recent move to integrate Render into its Octane X rendering software.
The relevance of wholesale buyers in the meteoric ascent of RNDR cannot be overstated. Data sourced from Lookonchain, dated May 8, paints a picture of how these whales have been engaging in massive token withdrawals from Binance, one of the premier crypto exchanges.
One buyer, identifiable only by the address 0x15CF, was reported to have withdrawn a staggering 748,898 RNDR tokens, which held an estimated value of roughly $5.3 million, from Binance in between the period from April 30 and May
The mysterious 0x15CF account boasts a distinguished trading history with RNDR, having profited from six out of its seven RNDR trades, thereby garnering over $3.5 million in profits. Further withdrawals include 364,586 RNDR tokens by 0x1Cb7, who has previously made a handsome profit of $480,000 on RNDR. Meanwhile, 0xCA9C transferred 181,922 RNDR tokens, worth over $1.81 million, from Binance.
A shift of tokens from centralized exchanges to external, non-custodial protocols, or wallets, is generally perceived as a bullish sign. On platforms like Binance, holders of RNDR or other tokens can readily convert their holdings into another token or cash, effectively liquidating their investments and boosting supply. This strategy becomes more complicated with non-custodial protocols, primarily due to difficulties posed in sourcing liquidity in the absence of other cryptocurrencies or fiat currency influx.
An additional factor contributing to the recent surge in RNDR prices is the news that Apple is featuring the Render Network into its Octane X software. The Octane X software is a powerful GPU renderer exclusively for macOS users, designed to empower artists with high-grade rendering capabilities.
This is a particularly noteworthy development for holders of RNDR, as Apple’s content creators will now increasingly tap into Render’s decentralized computing power, enabling them to process intricate scenes and high-definition animations more efficiently. This novel collaboration is set to expedite rendering times and reduce costs typically associated with high-quality video production or 3D modeling.
From Apple’s standpoint, incorporating Render to streamline activity on its iCloud services will help reduce server workload and usher in a greater degree of efficiency. Analysts have voiced expectations that developers may soon be able to access Render via Apple’s range of industry-leading developer tools. As a result, they will be able to design more demanding models or files without the necessity of expensive hardware.
At current spot rates, RNDR prices have displayed robust growth and continue to extend gains. From its low in early May, the coin has made a resurgence of 50%, setting its sights on its March zenith of $13 per token.
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