Render Network is a crypto project that started several years ago to create a distributed network of graphics cards (GPUs) and is now dedicated to AI.
In the “AI and Big Data by market capitalization” category it is now ranked third by market capitalization among cryptocurrencies, and its token is one of those cryptocurrencies that has performed well in recent times.
Render’s cryptocurrency: $RENDER
In 2020, the Render Network project launched its own token on the crypto market, always called Render (RENDER), available on Ethereum, Polygon and Solana.
The year following its launch in the cryptocurrency markets saw the last major bullish move, and this allowed the price of Render to rise significantly.
Compared to the beginning of 2020, when the price was below $0.1, during 2021 it first jumped to $2.5, with an incredible +2,500% in less than two months, and then recorded the highs of that year even above 7 dollars, in November.
After that bubble, the price fell during the subsequent bear market, but without falling below $0.4.
Therefore, two years after its launch on the markets, it had more than quadrupled in value, despite the bursting of a mega-speculative bubble that had characterized 2021.
The second bull run of the RENDER crypto thanks to AI
The Render Network crypto project is now also linked to AI.
Precisely thanks to the rise of AI in financial markets, 2023 was already good for Render in crypto markets.
In fact, in February its price had returned to $2, and in May even to $2.8, that is, above the highs of the first phase of the 2021 bull run.
In fact, the price of the Render token in the cryptocurrency market is also driven by the AI narrative of traditional markets, and it is probably for this reason that it already performed well last year.
This year, furthermore, it is repeated.
After falling below $1.5 in mid-2023, starting in October last year, its price began to rise again.
In December of last year it had returned to around $5, but between February and March of this year a new bull inflated, ending with the all-time high above $13.7.
the second bull
The most curious thing of all is that, nine months from the all-time highs, that bubble does not seem to have really burst yet.
By early May of this year, the price had returned to $7, but only to rise above $11 a few weeks later.
The March bull, when it registered +250% in less than two months, seemed to have exploded in August, when its price had returned to $4, a figure lower than that of the end of 2023.
Furthermore, at the beginning of November it was still around $4, but Trump’s victory in the elections caused a new rise.
However, to tell the truth, this time the price of Render did not exceed $11 and subsequently returned to $7.
This seems to mean that it is precisely the $7 level around which the Render price gravitated in 2024, i.e. a level close to the 2021 highs.
What is rendering network?
Render Network is a crypto project founded in 2017 by Jules Urbach
At the time, Urbach was the CEO of a company specializing in computer graphics and rendering, OTOY, and his idea at the time was to leverage blockchain technology to create a network of graphics cards in an attempt to revolutionize the world of graphics rendering. .
Therefore, it created a blockchain-based network through which excess computing power from GPUs can be pooled and distributed to external users who can use it in a decentralized way.
Everything was based on Ethereum, such as the Render token used as currency within the network.
In other words, Render Network is a virtual environment where video card owners can sell parts of their unused computing power and other users can rent it and use it effectively.
For some time now, there has been debate about whether to move the network to Solana, because it would be more scalable and economical in terms of rates.
Profitability of the AI sector
The computing power accessible decentrally on the Render Network can also be used for artificial intelligence.
In fact, AI requires the use of a large amount of computing power, and those who do not have enough available can use what is already available on Render Network.
Until now, for example, it had also been used for the metaverse, which can require a lot of computing power precisely for rendering.
But the success of the Render token in the crypto market is precisely due to the connection of the Render Network project with the world of artificial intelligence, although it is an indirect connection, since the project was born with another purpose.
On the other hand, AI also uses rendering a lot, for example to create videos and images, so the Render Network is in all respects a tool that artificial intelligence can specifically use.
In the event that the AI-related narrative is still attracting attention in the crypto markets, Render’s career may not be over yet. However, it is always important to keep in mind that projects of this type, if successful, rarely remain for long without major competitors.
