Today, the Render Network completed the migration and upgrade of the RENDER crypto AI token. After the long-awaited rebranding, the AI token saw a positive price movement, rising by more than 15% in the last day. Investors and market watchers are optimistic about the rebranded token and believe that it could soon reach $10.
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From RNDR to RENDER
Last year, the Render Network Foundation changed from Ethereum (ETH), where it was originally launched, to Solana (SOL). The move came after a community vote that approved two major upgrades to the network.
According to the advertisementThe Solana switch was proposed “for faster transactions, cheaper fees, and the project’s need to achieve more ambitious goals with more data and transactions on the chain.” The community also voted to rename the token from RNDR to RENDER, which is set to expire in 2024.
This month, the foundation informed users that several cryptocurrency exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, will automatically swap RNDR tokens for the renamed token at a 1:1 ratio.
The process of delisting RNDR from cryptocurrency exchanges began on Monday ahead of the scheduled migration on July 26. Exchanges halted most operations with the token, negatively impacting its performance throughout the week.
Moreover, it appears that whales Contributed To the token price impact. Online reports revealed that some major token holders sold their RNDR tokens after the news, causing the price to drop from 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 level, a 17% drop in four days. However, the highly anticipated migration and listing of the new RENDER token appears to have started a recovery.
AI Token Value Soars 17% After Listing on Binance
The recently rebranded AI crypto token surged over 17% today after being listed by crypto exchange Binance. On Friday, the exchange announced the addition of RENDER to Binance Simple Earn, Buy Crypto, and Binance Convert.
Additionally, Binance revealed that margin and futures options will be available today for the AI token. Meanwhile, an auto-invest option will be added on Monday, July 29. On that date, cryptocurrency exchange Kraken will also list RENDER and delist RNDR.
Investors and market watchers have expressed optimism about the rebranding and listing of Binance. One X user claimed that as the project enters this new era, “RENDER token has this new chart with lows around $6.5 and the potential to reach unimaginable heights.”
Coinboss Cryptocurrency Analyst It is considered The token could “make a surprise jump” if it manages to break the $7 resistance level. A successful retest of the target could see the token reclaim the $11 level, extending the upside above RNDR’s all-time high (ATH) at $13.53.
Another pseudonymous cryptographer Believes RENDER could hit $10 soon, with the company stating: “Thanks for the bullshit. We’ll meet at $10+.” Some users also believe that investors will regret not getting the “best buy.”
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Over the past 24 hours, the AI cryptocurrency has seen a significant 140% surge in market activity, with a daily trading volume of $83.1 million. As of this writing, RENDER is trading at $6.89, up 15.6% from the previous day.
Featured image from Unsplash.com, chart from TradingView.com