RNDR up more than 12% in 24 hours as crypto market cools

Over the past week, RNDR has been one of the top-performing projects with another day in the top gainer leaderboards, according to CoinMarketCap.

In the last 24 hours, the render token (RNDR) increased another 12.62% with a total trading volume of $280,949,445.

RNDR up more than 12% in 24 hours as crypto market cools - 1 — RNDR 24-hour chart | Source: CoinMarketCap

Moving to Solana

Over the last week, RNDR, the native token of Render, a decentralized cloud computing platform, experienced a surge of over 62%. This spike was attributed to the successful completion of the RNP-002 and RNP-003 votes by Render’s community.

RNP-002 is the proposal of a shift towards building the network using Rust on top of the Solana network, which was presented to the Render community. RNP-002 enabled the implementation of the BME model within the Solana ecosystem.

The move would enable the protocol to utilize Solana’s impressive speed and low transaction costs.

RNP-003, also known as resource acquisition and allocation for core team and grants, would enable Render to acquire and allocate resources to grow its ecosystem.

Following this would be the approval of the established votes, after which Render will update both events as “approved” on its roadmap in preparation for full activation.

As a result, Render is expected to implement the BME model within the Solana ecosystem, which will enable the protocol to utilize Solana’s impressive speed and low transaction costs.

In order to prepare for anticipated future demand and scale its network, the developers of the Render platform recognized the need to move away from Solidity and Ethereum.

Faster transaction times for ongoing gains

Given that Solana can process thousands of transactions per second at an average cost of less than $0.01, Render anticipates that the integration will lead to faster processing times for its users and significantly lower transaction costs.

Following this announcement, RNDR’s price surpassed various resistance levels, establishing a clear break above its 2023 yearly high, as per TradingView data. Currently, RNDR is trading at $2.54, indicating a gain of more than 615% for the year.

Currently, render has been able to sustain its gains and maintain a positive trend, despite fluctuations in the price of bitcoin. However, in the event of a market rebound it is difficult to determine where that will leave the price of RNDR.