Render Network price spiked over 36% in the past 24 hours, stealing the crypto spotlight.
In addition to the jump over the past day, RNDR price has been trending upward over the medium term as well. Render Network price has risen some 45% over the past week, nearly doubling to 81% over a two-week span.
So what is the RNDR token, and why has its price spiked recently?
What Is the Render Network?
RNDR is the native token for the blockchain-based Render Network. Similarly to other blockchain-based projects, the goal is to utilize a decentralized network of nodes to economize a certain process. In this case, that process is rendering three-dimensional graphics.
As cryptocurrency miners know, graphical processing units (GPUs) are not only expensive but hard to come by. In addition to facilitating mining operations, GPUs are exceptionally effective at rendering 3D graphics, for which they were essentially designed.
The Render Network hopes to utilize the capacities of idle GPUs, by having them connect to their network through OctaneRender.
Other network members can then use these idle resources to then render graphics for their own projects. These users then pay the GPU holders with RNDR tokens for their service in addition to a network maintenance fee.
The Reason Behind RNDR Price Rise
A number of recent news reports may be behind the RNDR price recent rise. Last year, Apple featured OctaneRender, the app GPU holders use to participate in the Render Network, on its App Store.
This helped to raise the token profile significantly. In addition to mentioning this development, crypto vlogger Ran Neuner also speculated recently that RNDR could join the Solana blockchain soon.
Still, the most recent concrete development that precipitated RNDR price rise is likely news from Revolut. The payments company has been offering cryptos on its platform since last year.
It just announced that it would add an additional 12 tokens to its lineup, among them the RNDR token. As of 8:00 AM CET, RNDR price was trading just shy of $0.90. Although cooling off since then, it is currently trading around $0.75.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.