Render Network is a crypto project that started several years ago to create a distributed network of graphics cards (GPU), and is now dedicated to AI.
In the category “AI & Big Data by market capitalization” it is now third by market capitalization among cryptocurrencies, and its token is one of those cryptocurrencies that has performed well in recent times.
The crypto of Render: $RENDER
In 2020, the Render Network project launched its own token in the crypto market, always called Render (RENDER), available on Ethereum, Polygon, and Solana.
The year following its launch on the crypto markets saw the last major bullrun, and this allowed the price of Render to rise significantly.
Compared to the beginnings 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, in November.
After that bubble, the price fell during the subsequent bear-market, but without dropping below $0.4.
Therefore, two years after its launch on the markets, it had more than quadrupled its value, despite the burst of a mega-speculative bubble that had characterized 2021.
The second bull run of the crypto RENDER thanks to AI
The crypto project Render Network is now also linked to AI.
Precisely thanks to the boom of AI in the financial markets, 2023 was already good for Render in the crypto markets.
In fact, in February its price had returned to $2, and by May even to $2.8, that is, above the highs of the first phase of the bull run of 2021.
In fact, the price of the Render token in the crypto market is also driven by the AI narrative of traditional markets, and it is probably for this reason that it had already performed well last year.
This year, moreover, it is repeating itself.
After falling below $1.5 in mid-2023, starting from October of last year, its price began to rise again.
In December of last year, it had returned to about $5, but between February and March of this year, a new bull inflated, ending with the historical maximum at over $13.7.
The second bull
The most curious thing of all is that, nine months from the historical highs, that bubble does not seem to have really burst yet.
At the beginning of May this year, the price had returned to $7, but only to rise above $11 a few weeks later.
The bull of March, when in less than two months it recorded a +250%, seemed to have burst in August, when its price had returned to 4$, a figure lower than that of the end of 2023.
Moreover, still at the beginning of November it was about $4, but Trump’s victory in the elections triggered a new rise.
To tell the truth, however, this time the price of Render did not go above $11, and subsequently, it returned to $7.
This seems to mean that it is precisely the $7 level around which the price of Render gravitated in 2024, that is, a level close to the highs of 2021.
What is Render Network
Render Network is a crypto project founded in 2017 by Jules Urbach
At the time, Urbach was the CEO of a company that specialized in rendering and computer graphics, OTOY, and his idea back then was to leverage blockchain technology to create a network of graphics cards in an attempt to revolutionize the world of graphic rendering.
He therefore created a network based on blockchain through which the excess computing power of GPUs can be pooled and distributed to external users who can thus use it in a decentralized manner.
Everything was based on Ethereum, like the Render token used as an exchange currency within the network.
In other words, Render Network is a virtual environment where video card owners can sell portions of their unused computing power, and other users can effectively rent and use it.
For some time now, there has been a discussion about whether to move the network to Solana, because it would be more scalable and economical in terms of fees.
Returns for the AI sector
The computing power accessible in a decentralized manner on Render Network can also be used for artificial intelligence.
AI indeed requires the use of a lot of computing power, and those who do not have enough available can use what is already available on Render Network.
Previously, 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, even if it is an indirect connection, since the project was born with another purpose.
On the other hand, however, AI also uses rendering a lot, for example to create videos and images, so Render Network is in all respects a tool that can be concretely used by artificial intelligence.
In the event that the narrative related to AI should still attract attention in the crypto markets, it is possible that Render’s run is not yet over. However, it is always important to keep in mind that projects of this type, if successful, rarely remain for long without major competitors.