Today, Render Network completed its migration and upgrade of the AI crypto token RENDER. Following the long-awaited rebrand, the AI token has seen positive price action, rising over 15% in the past day. Investors and market watchers have expressed optimism about the rebranded token and believe it could soon reach $10.
Related Reading
From RNDR to RENDER
Last year, the Render Network Foundation moved from Ethereum (ETH), where it initially launched, to Solana (SOL). The move came after a community vote that approved two major upgrades to the network.
According to announcementSolana’s change was “proposed for faster transactions, cheaper fees, and the project’s needs to achieve more ambitious goals with more data and transactions on-chain.” The community also voted to rebrand the token from RNDR to RENDER, which would be completed in 2024.
This month, the foundation informed users that many cryptocurrency exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, would automatically swap RNDR tokens for the renamed token at a 1:1 ratio.
On Monday, the RNDR The delisting of cryptocurrency exchanges began ahead of the scheduled migration on July 26. Exchanges halted most operations with the token, negatively impacting its performance throughout the week.
Also, whales seem to contributed to the impact on the token’s price. Online reports revealed that some large holders sold their RNDR following the news, dragging the price above the $7 support level to below the $6.5 price range.
The token continued to decline in the following days, falling below the $6 mark, a 17% drop in four days. However, the long-awaited migration and listing of the new RENDER token appears to have kickstarted a price recovery.
AI Token Soars 17% After Listing on Binance
The newly renamed encryption AI Token has surged over 17% today after being listed on cryptocurrency exchange Binance. On Friday, the exchange announced that RENDER has been added to Binance Simple Earn, Buy Crypto, and Binance Convert.
Additionally, it revealed that Binance Margin and Futures options would be available today for the AI token. Meanwhile, the Auto-Invest option will be added on Monday, July 29. On that date, Kraken, the cryptocurrency exchange, will also list RENDER and delist the RNDR.
Investors and market observers have expressed optimism regarding Binance’s rebranding and listing. A
Coinboss Crypto Analyst considers that the token could “flip a switch” if it were to make a clean breakout above the $7 resistance level. A successful retest of the target could potentially see the token reclaim the $11 mark, further fueling a surge above RNDR’s all-time high (ATH) of $13.53.
Another pseudonymous crypto analyst believe RENDER could soon hit $10, stating: “Thanks for the money. See you above $10.” Some users also believe that investors will regret not having taken advantage of the “greatest buying opportunity.”
Related Reading
Over the past 24 hours, the AI crypto token has seen a notable 140% increase in market activity, with daily trading volume reaching $83.1 million. At the time of writing, RENDER is trading at $6.89, up 15.6% from the previous day.
Featured image from Unsplash.com, chart from TradingView.com