The metaverse cryptocurrency, Render (RNDR), has seen significant gains in the crypto market over the past week. Despite the bullish market sentiment, the increase in RNDR’s value appears to be driven by other factors. So what’s responsible for RNDR’s recent boost in price?
RNDR Gains 32% In One Week – Price Overview
According to CoinGecko data, RNDR has recorded gains of over 32% in the last seven days. After a period of sideways movement, RNDR’s price surged in value by more than 20% on Wednesday, May 17. This rapid price rise was due to Apple’s announcement of its VR headset, which fueled bullish speculation among traders.
Towards the end of last year, RNDR had a market performance of $0.325, but the cryptocurrency has made a fantastic recovery, gaining nearly 500% since the turn of the year. Currently, RNDR is priced at $2.36, with a 2.8% increase in the past 24 hours. However, the coin’s price has consolidated around the $2.50 price level since Thursday.
How Apple’s VR Headset Will Affect RNDR Price
RNDR is the utility token of the Render Network, which offers decentralized, GPU-based rendering solutions. RNDR powers all products released by the network’s parent company. With the recent release of Render’s OctaneX app on M1 and M2 iPads, there is speculation that the developers of the new VR headset will use the Render network. OctaneX is an app that offers real-time, photo-realistic 3D rendering in M1 and M2 iPads.
The release of the OctaneX app has led to a demand for RNDR tokens, which is expected to increase further on the back of Apple’s VR headset news. Other metaverse tokens like MANA, ICP, and SAND, also enjoyed gains as a result of the buzz surrounding the launch of Apple’s VR headset.
In conclusion, RNDR’s recent gains can be traced to specific events, rather than general market sentiment. As we await the official launch of Apple’s VR headset, it’s expected that RNDR’s price will keep rising.
[Featured image from RenderToken.com, chart from TradingView]