The decentralized GPU-based rendering options supplier Render Community’s native RNDR token has seen a wave of curiosity over the previous month because the narrative around artificial intelligence (AI) continues to strengthen.
Prior to now 30 days, the token has outperformed the broader crypto market, as a substitute following tech shares equivalent to Nvidia greater as main cryptos like Bitcoin (BTC) and Ether (ETH) have seen falling or stagnant costs.
Because the starting of Might, RNDR is now up shut to five% to a value of $2.5.
Over the identical time interval, Nvidia’s inventory – which not too long ago hit a $1 trillion market cap – is up almost 44%, fueled by excessive expectations associated to AI chips that the corporate produces, together with chips utilized by providers just like the AI chat robotic ChatGPT.
In the meantime, the tech-focused Nasdaq index is up near 9% in the course of the month.
Like for Nvidia, it’s the present buzz surrounding AI that’s the driver behind a lot of the curiosity in RNDR.
In keeping with the favored crypto analyst Jason Choi, extra chatter about Render Community can now be heard within the crypto neighborhood on condition that it’s among the many crypto initiatives that the majority intently align with the present AI narrative.
Notably, Render Networks’s potential was additionally addressed in an update from Choi’s crypto publication Blockcrunch final week, which hinted at a connection between the community and Apple’s upcoming augmented and digital actuality (AR/VR) headset.
Apple is anticipated to formally reveal its new headset at its developer’s convention beginning June 5, with some, together with fashionable crypto media character Raoul Pal, predicting that the occasion “will present us the way forward for the Metaverse.”