Render Token (RNDR) experienced a significant jump of 11% in its price following a brief mention by Apple during its keynote presentation. The mention of Octane, a 3D design software powered by the Render Network, caught the attention of traders and has been credited for the recent upward swing in RNDR’s price. Tim Millet, Apple’s vice president of platform architecture, highlighted the software’s performance on the new iPad, stating that “Pro rendering apps like Octane will flat-out fly.” The mention of RNDR in the video also added to the positive sentiment surrounding the token.
The 11% price spike on May 8 contributed to RNDR’s overall 40% increase over the past seven days. Currently, RNDR is trading at $11.16, according to CoinMarketCap. In comparison, Bitcoin (BTC) has gained 5.5% over the same period and is currently trading at $62,876.
Additionally, other AI tokens have also experienced gains since May 6. Fetch.ai (FET) is up 12.88%, The Graph (GRT) has risen 20.28%, and SingularityNET (AGIX) is up 16.18%. This surge in AI tokens reflects a general sense of “greed” among investors, as indicated by the Crypto Fear and Greed Index, which has increased by 11 points to a score of 66.
Traders are closely watching AI tokens in the coming weeks, particularly as Nvidia, a major producer of graphics processing units, is set to release its first quarter 2024 earnings report on May 22. The performance of Nvidia shares has historically been linked to the price action of AI tokens. In April, when AI tokens experienced a slight dip, traders saw it as a buying opportunity ahead of Nvidia’s earnings report in May. As a result, Render has risen by 33%, and Fetch.ai has risen by 6.5%.
Overall, the recent surge in AI tokens and the positive sentiment surrounding Render Token following Apple’s mention indicate a promising outlook for the AI industry. Traders will continue to monitor the performance of AI tokens in the coming weeks, particularly in relation to Nvidia’s earnings report. It is important for readers to conduct their own research and analysis before making any investment decisions.