By
Anisha Pandey
May 31st, 2024
Many crypto traders believe that the iPhone maker’s brief acknowledgment of the software has propelled the recent surge in RNDR.
Over the past week, RNDR, the digital asset linked to Render Network, a decentralized platform for GPU rendering, has been on a positive trend, experiencing a significant surge of over 40% by May 8, 2024. Continuing its upward trajectory, the token almost reached the $12 mark on Friday, marking a remarkable 12% increase. The surge in value coincides with a notable mention of Render by tech giant Apple in a promotional video shared on social media, showcasing the capabilities of its latest iPad with the M4 chip.
Apple’s Octane Recognition Boosts Render (RNDR) Token Price
The Render’s Octane software, mentioned in the video, is a powerful GPU rendering engine known for its ability to produce high-quality, photorealistic images. The software is supported by the Render network, enabling artists to efficiently scale their rendering work on-demand using GPU nodes.
Apple’s vice president of platform architecture, Tim Millet, acknowledged Octane during a four-minute keynote promoting the newly launched iPads.
In the video, Millet said that Apple users can leverage the significant increase in rendering power on the M4 by accessing nearly unlimited high-performance decentralized GPU compute power on Render using the Octane software.
Render confirmed that indeed, the Octane Apple mentioned in the video was its software when the project reposted the short clip on their X account on May 7.
Many crypto traders believe that the iPhone maker’s brief acknowledgment of the software has propelled the recent surge in RNDR.
Just last week, the token was trading at less than $10, with a market cap of around $4 billion. But with the recent surge, RNDR almost reached $12, settling at $11.33, according to CoinMarketCap data. Now, its market cap has climbed above $4 million.
RNDR Doesn’t Care
In a recent post on X, a pseudonymous crypto trader, Mister Crypto, said that RNDR has been unfazed despite the current market downturn.
Mister Crypto compared Bitcoin’s (BTC) performance over the past week and said the crypto assets had been “falling, but RNDR just doesn’t care”. Meanwhile, after dipping below $62,000 and then bouncing back from last week’s drop to $57,000, Bitcoin has now recovered by over 6.62%. At the moment, the crypto asset is trading above $62,900.
CoinMarketCap data shows that Bitcoin currently boasts a total market capitalization of $1.2 trillion over the past day.