Render Token (RNDR) Leaps 11% After Brief Mention in Apple Keynote; AI Tokens Also Climb Ahead of Nvidia's Earnings Report
Summary:
The cryptocurrency Render Token (RNDR) has seen an 11% surge in value following a passing mention by Apple of Octane, a creative software empowered by the Render Network, during its keynote presentation on its newest M4 chip. This growth contributes to RNDR’s overall 40% increase over the past week. Moreover, several AI tokens have experienced growth this week, likely influenced by Nvidia's upcoming Q1 2024 earnings report release on May 22.
The cryptocurrency Render Token (RNDR) gained an impressive 11% following a brief reference by Apple to Octane, a powerful workflow software underpinned by the Render Network, during their keynote presentation showcasing their new M4 chip housed in the latest iPad. This fleeting 3-second mention in a 4-minute talk by Tim Millet, Apple’s Vice President of Architecture, captured the attention of traders and has been speculated as a factor in the price rise of RNDR over the past week. Millet highlighted the performance of the software on the new iPad and declared, “Highly sophisticated rendering applications like Octane will simply soar.” Cryptocurrency trader D0c Crypto noted on May 7, “You can clearly spot the $RNDR logo in the video.”
The Octane software was demonstrated during the May 7 Apple Keynote. Source: Apple
Following the May 8 announcement, an 11% price surge occurred, contributing to a total increase of 40% in RNDR’s value in the last week. At press time, Render was valued at $11.16, as reported by CoinMarketCap data.
Pseudonymous cryptocurrency trader Mister Crypto, speaking to their 104,700 followers on May 9, amusingly commented, “Bitcoin is tumbling, but RNDR doesn’t seem bothered.”
In comparison, Bitcoin (BTC) has seen a 5.5% increase in the same seven days and is now trading at $62,876.
White the past week has seen Render’s value rise by 40%. Source: CoinMarketCap
Various artificial intelligence (AI) tokens have also gained this week, with Fetch.ai (FET) up 12.88%, The Graph (GRT) increased by 20.28%, and SingularityNET (AGIX) up 16.18%.
The Fear and Greed Index reveals a distinct sense of “greed” among investors, a measure derived from signals that influence traders and investors' behaviour. On May 10, the "Greed" rating stands at 66, an increase of 11 points from the previous day.
AI tokens are set to be closely observed in the coming weeks as Nvidia — prominent producers of graphics processing units (GPUs) — is scheduled to release its Q1 2024 earnings report on May 22. Related: Nvidia's stock has gone up by 15% in the last 5 days - will AI crypto tokens follow?
Past links have been made between the performance of Nvidia's shares and the price movement of AI tokens. For example, this past April, when AI tokens saw a minor dip, traders saw this as an opportunity to buy in anticipation of Nvidia's May earnings report.
Cryptocurrency trader CryptoGodJohn, speaking to their 668,100 followers on April 27, commented, “Many AI coins appear to have bottomed out – the next few weeks leading to Nvidia’s earnings on May 22 should be interesting.”
Since that point, Render has risen by 33%, and Fetch.ai is up 6.5%.
The past week has seen several AI tokens surge, coinciding with Nvidia's stock achieving its 30-day peak on May 6, opening the trading week at $921.40, according to Google Finance stats.
Magazine: The use of AI by pickup artists, deep fake nudes banned, AI Eye on Rabbit R1 failures
Note: This article does not offer financial investment advice or recommendations. All financial investments and trading decisions carry risk. Readers are urged to do their own research prior to making decisions.
Published At
5/10/2024 8:41:57 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.