Today, the Render Network finalized its RENDER crypto AI token migration and upgrade. Following the highly anticipated rebrand, the AI token saw a positive price action, surging over 15% on the last day. Investors and market watchers expressed optimism about the rebranded token and consider it could hit $10 soon.
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From RNDR To RENDER
Last year, the Render Network Foundation changed from Ethereum (ETH), where it was initially launched, to Solana (SOL). The move followed a community vote that passed two major upgrades for the Network.
According to the announcement, the Solana switch was “proposed for faster transactions, cheaper fees, and the project’s needs to achieve more ambitious goals with more on-chain data and transactions.” The community also voted to rebrand the token from RNDR to RENDER, which would conclude in 2024.
This month, the foundation informed users that many crypto exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, would automatically swap the RNDR tokens for the rebranded token on a 1:1 ratio.
On Monday, the RNDR delisting from crypto exchanges began ahead of the scheduled migration on July 26. Exchanges halted most operations with the token, negatively impacting its performance over the week.
Moreover, Whales seemingly contributed to the impact of the token’s price. Online reports revealed that some major holders sold their RNDR following the news, dragging the price from above the $7 support level to below the $6.5 price range.
The token continued to plunge in the following days, dropping below the $6 mark, a 17% drop in four days. Nonetheless, the highly anticipated migration and listing of the new RENDER token seems to have kickstarted a price recovery.
AI Token Skyrockets 17% Following Binance Listing
The newly rebranded crypto AI token surged over 17% today after being listed by crypto exchange Binance. On Friday, the exchange announced that RENDER had been added to Binance Simple Earn, Buy Crypto, and Binance Convert.
Additionally, it revealed that the 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 crypto exchange, will also list the RENDER and delist the RNDR.
Investors and market watchers expressed their optimism over the rebrand and Binance listing. An X user claimed that, as the project begins this new era, “the RENDER token with this fresh chart of around $6.5 lows has potential to reach unimaginable heights.”
Crypto analyst Coinboss considers that the token could “do a flipperino” if it has a clean break out above the $7 resistance level. A successful retest of the target could potentially lead the token to reclaim the $11 mark, further fueling a surge above RNDR’s all-time high (ATH) of $13.53.
Another pseudonym crypto analyst believes RENDER could reach $10 soon, stating, “Thanks for the fud. See you above $10.” Some users also consider that investors will regret not getting the “greatest buying opportunity.”
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In the last 24 hours, the crypto AI token has seen a remarkable 140% surge in market activity, with $83.1 million daily trading volume. As of this writing, RENDER is trading at $6.89, a 15.6% rise in the past day.
Featured Image from Unsplash.com, Chart from TradingView.com