Render Token Price Prediction 2024: Can Solana Migration Boost RNDR?
Can RNDR continue its climb?
Key Takeaways
- RNDR has rose more than 1,000% in 2023.
- Render successfully completed its migration to Solana.
- What’s next for the Render Token?
- One Render Token price prediction says it can reach $6.06 in two years time.
The Render Token has had a busy few months, with its move to the Solana (SOL) blockchain complete and the moved crypto enjoying new listings. However, there has been some volatility in January, so investors will be hoping it can get back up to its late December heights and continue to thrive.
On February 1 2024, RNDR was worth about $4.45.
Render did not immediately respond to a request for comment.
But what is Render Token (RNDR)? How does Render work? Let’s see what we can find out, and also take a look at some of the Render Price Predictions that were being made as of February 1 2024.
Render Token Price Prediction
Let’s examine some of the Render Token price predictions being made on February 1 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $9.21 | $11.19 | $31.99 |
| Prediction #2 | $5.42 | $8.86 | $0 |
| Prediction #3 | $2.60 | $4.25 | $27.76 |
First, CoinCodex had a short-term Render price prediction which said things would get worse before they got better. The site said RNDR would drop to $4.33 by February 6 before recovering to $4.64 by March 2. The site’s technical analysis was bullish, with 25 indicators sending encouraging signals and just five making bearish ones.
Render Token Price Prediction for 2024
DigitalCoinPrice said that RNDR would shoot up to $9.21 at some point this year. CaptainAltCoin was less upbeat, saying the crypto would make a more modest climb to $5.42 by December. PricePrediction.net was actively bearish, saying the Render Token would trade at $2.92 this year.
Render Token Price Prediction for 2025
Moving on, PricePrediction.net said the Render Token would trade at $4.25 next year. CaptainAltCoin said it would get to $8.86 then, while DigitalCoinPrice saw it worth $11.19 in 2025.
Render Token Price Prediction for 2030
Looking at a more long-term Render Token price prediction, DigitalCoinPrice thought RNDR would be worth $31.99 in 2030. PricePrediction.net said it would stand at $27.76 that year. On the other hand, CaptainAltCoin was not so upbeat in its RNDR price prediction. The site said Render Token would be worth $0, a de facto dead coin, by the start of the next decade.
Google BardAI Price Prediction for Render Token (as of February 1)
Google’s BardAI platform gave the following price prediction for RNDR on February 1. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short-Term (Next 1-3 Months):
- Prediction: Slightly bearish, with a potential price range of $3.50 – $5.00.
- Reasons: The broader crypto market sentiment currently holds bearish tendencies, which might affect RNDR. Additionally, increased competition in the decentralized computing space could put downward pressure on the price.
Medium-Term (Next 3-12 Months):
- Prediction: Neutral, with a potential price range of $4.00 – $7.00.
- Reasons: Market sentiment could improve, and RNDR could benefit from its growing user base and partnerships. However, regulatory developments and broader economic factors could also impact the price negatively.
Long-Term (Next 3-5 Years):
- Prediction: More bullish, with a potential price range of $7.00 – $15.00.
- Reasons: If the demand for decentralized rendering solutions continues to grow, RNDR could see significant adoption and price appreciation. Technological advancements and wider mainstream integration of blockchain technology could also contribute to positive price movements.
Important factors to consider:
- Overall crypto market sentiment: The price of RNDR is likely to be influenced by the overall performance of the cryptocurrency market.
- Adoption and partnerships: Increased adoption of the Render Network and partnerships with major players in the tech industry could drive the price up.
- Technological advancements: Innovations in decentralized computing and rendering technology could benefit RNDR’s price.
- Competition: Competition from other decentralized rendering projects could put downward pressure on the price.
- Regulations: Regulatory developments related to cryptocurrencies could impact the price significantly.
It added: “These are just potential scenarios, and the actual price of RNDR could deviate significantly from these predictions. It’s crucial to do your own research, consider your risk tolerance, and never invest more than you can afford to lose.”
Recent Updates from Render Token
Render underwent its long-anticipated switch to the Solana blockchain in November. In a statement, founder Jules Urbach said: “Moving Render’s core infrastructure to Solana is a watershed moment that unlocks major new capabilities like real-time streaming and dynamic NFTs.
“Solana’s incredible transaction speeds, low costs, and commitment to web-scale architecture make it a perfect fit for the Render Network as we continue building a scalable and decentralized metaverse infrastructure.”
In January, the token was able to make something of a recovery when it was listed by the Coinbase exchange.
RNDR Price History
Now, let’s examine some of the highlights and lowlights of the Render Token price history . While we should never take past performance as an indicator of future results, knowing what the crypto has achieved can provide us with some very useful context if we want to make or interpret a Render price prediction.
Render was first publicly traded in June 2020, when it was worth about $0.46. There were some ups and downs before things really kicked off early the following year. The crypto market experienced a bull run and, as a result, RNDR picked up, breaking past $2.50 in late March.
While there was a downturn over the following months, things heated up again in the autumn. On November 21, it reached an all-time high of $8.76. It soon dropped, though, and it closed the year at $4.61.
2022 saw the market in turmoil. Render fell below the dollar in May, as the market crashed following the collapse of the Terra (LUNA) blockchain. Any attempts at a recovery were stifled when the FTX (FTT) crypto exchange declared bankruptcy in November and RNDR closed the year at $0.4025. This meant it lost more than 90% of its value over the course of 2022.
Render Token in 2023 and 2024
2023 was better for RNDR. The token shot up at the start of the year, breaking back past the dollar in late January. There were peaks and troughs but Render has mostly stayed above that level since then.
Not even June’s news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase exchanges could drag it down too far.
Although the market’s downturn in late August and early September, triggered by Elon Musk’s SpaceX selling millions of dollars worth of Bitcoin (BTC), RNDR recovered. On December 26, it peaked at $5.26 before closing the year at $4.56. This meant RNDR climbed more than 1,000% in 2023.
So far, 2024 has been less encouraging for the Render Token. It collapsed to $3.40 on January 8 and, by February 1 2024, it was worth about $4.45.
At that time, there were 376 million RNDR in circulation out of a total supply of 531 million. This gave the token a market cap of $1.6 billion, making it the 45th-largest crypto by that metric.
Render Token Price Analysis
RNDR has been in an uptrend since June 2022. At first, it hovered between $0.28 and $0.86, after making a higher low of just below $0.40, it continued its uptrend with stronger momentum, with the price peaking in December.
It could be that this uptrend is now over and RNDR is in a correction phase. If so, we should expect it to reach a lower high than in December.
However, if it keeps rising, it will break past that.
Is the Render Token a Good Investment?
It is hard to say. RNDR has been a pretty solid performer over the course of the year, avoiding the worst of potential crypto crises. It will be interesting to see whether the iPhone 15 can lead to new developments for the platform.
On the other hand, RNDR is still down from where it was earlier in the year and is a long way from threatening its all-time high.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in RNDR.
Will the Render Token go up or down?
No one can really tell right now. While the Render Token crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in the Render Token?
Before you decide whether or not to invest in Render, you will have to do your own research, not only on RNDR, but on other coins and tokens, such as Polkadot (DOT). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Who is the Founder of Render Token?
Crypto entrepreneur and graphics expert Jules Urbach founded the platform in 2017 as a de facto subsidiary of his OTOY platform.
Who Owns the Most Render Token (RNDR)?
On February 1 2024, one wallet held nearly 30% of the supply of Render Token.
Richest RNDR Wallet Addresses
As of February 1 2024, the wallets with the most RNDR were
- 0xb6e39e540e3472e927001bbbf77ffb5ab357b0e0. This wallet held 154,893,597 RNDR, or 29.17% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance 8, held 38,503,859 RNDR, or 7.25% of the supply.
- 0x3ee18b2214aff97000d974cf647e7c347e8fa585. This wallet, listed as Wormhole: Portal Token Bridge, held 24,082,981 RNDR, or 4.54% of the supply.
- 0xbd9a098968d4f7b914259a8c89f5ebbef581df74. This wallet held 11,687,464 RNDR, or 2.2% of the supply.
- 0xea578aae84b156010b5df7759a08cf6e6d6fc288. This wallet held 8,200,498 RNDR or 1.54% of the supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Maximum supply | 536,870,912 |
| Circulating supply (as of February 1 2024) | 376,146,336 (70.06% of maximum supply) |
| Holder distribution | Top 10 holders owned 49.95% of supply, as of February 1 2024 |
From the Whitepaper
In its technical documentation, or whitepaper , Render says it wants to make creating graphics on the blockchain easier.
It says: “The Render Network is a high-performance distributed GPU rendering network that leverages industry-leading OTOY Inc. software to facilitate a compute marketplace between GPU Providers and GPU Requestors.”
Render Token (RNDR) Explained
The Render Network’s purpose is in its name. The system allows people to create their own video game graphics on the blockchain.
It links people who want to render graphics to people who have spare graphic processing units (GPUs) on their computers.
As the system’s website says: “The future is being built today and hardware limitations should not be what keeps you from being a part of the new digital renaissance. Render puts the power of GPU rendering at your fingertips, at a fraction of the cost and speed of in-house rendering.”
The platform was originally based on the Ethereum (ETH) blockchain. In April 2023, however, a vote of holders saw it move to the Solana (SOL) blockchain, a process that was completed in November last year.
The RNDR token supports the Render Network.
How Render Token Works
The Render Network uses smart contracts, computer programs that automatically execute once certain conditions are met, to ensure standards.
The project consists of three major components working together
- Creators, who purchase services using RNDR.
- Node operators, who help supply GPU power in return for RNDR..
- Octane Render, which creates graphics.
In terms of RNDR itself, it pays for transactions on the network. RNDR holders can vote on changes to the platform. People can also buy, sell, and trade it on exchanges.
Because Render is not based on its own blockchain, it is a token, not a coin. It was a token when it was on Ethereum and it remains so on Solana. Therefore, while you might come across references to such things as a Render coin price prediction – or, worse, a Render Token coin price prediction – these are wrong.
Render Token Attention Tracker
Here is a chart for the Render Token Google search volume for the past 90 days. This represents how many times the term “Render Token” has been Googled over the previous 90 days.
FAQs
Will the Render Token reach $10?
It might do, but not for some time. DigitalCoinPrice says RNDR can reach $10 in 2027, while PricePrediction.net says it can get there in 2028.
Keep in mind that Render has never traded above $10. Its highest ever price is $8.76, which it reached in November 2021.
What is the Render Token used for?
The RNDR token helps support the Render Network. It pays for transactions on the Render Network. People can also buy, sell, and trade RNDR on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
