Traders noticed a quick, three-second mention of Render’s Octane software in an Apple promotional video. This discovery came at a time when RNDR had already experienced notable price gains earlier in the week.
After Apple briefly referenced Octane, a 3D design software powered by the Render Network, in its keynote presentation showcasing the M4 chip on its latest iPad, Render Token (RNDR) saw a significant 11% jump in its price.
Apple’s Mention of Octane Boosts RNDR Price
During Apple’s keynote presentation, a brief 3-second mention of Octane, a 3D design software powered by the Render Network, by Apple’s vice president of platform architecture, Tim Millet, caught the attention of traders. Several commentators credited this mention for contributing to the upward swing in RNDR’s price observed over the last week.
Millet highlighted Octane’s performance on the new iPad, stating, “Pro rendering apps like Octane will flat-out fly.”
A pseudonymous crypto trader, D0c Crypto, pointed out the visibility of the $RNDR logo in the video, confirming the mention.
The 11% price spike following the May 8 announcement added to RNDR’s overall 40% increase over the past seven days. As of the publication time, Render is trading at $11.16, according to CoinMarketCap data.
Despite Bitcoin’s falling price, pseudonymous crypto trader Mister Crypto noted RNDR’s indifference, highlighting its robust performance. In contrast, Bitcoin gained 5.5% over the same seven-day period, trading at $62,876.
Render has experienced a 40% rise over the past 7 days. Source: CoinMarketCap
AI Tokens Surge Amidst Investor Greed
This week has seen notable gains in various artificial intelligence (AI) tokens. Fetch.ai (FET) has risen by 12.88%, The Graph (GRT) by 20.28%, and SingularityNET (AGIX) by 16.18%.
The Fear and Greed Index, which gauges investor sentiment, currently reflects a sense of “greed” among traders, scoring 66 as of May 10, marking an 11-point increase from the previous day.
Traders are poised to closely monitor AI tokens in the coming weeks, particularly with Nvidia, a major producer of graphics processing units (GPUs), scheduled to release its Q1 2024 earnings report on May 22.
Traders have previously noted a correlation between the performance of AI tokens and Nvidia shares. Ahead of Nvidia’s earnings report in May, traders viewed the slight dip in AI tokens across the board in April as a buying opportunity.
Crypto trader CryptoGodJohn highlighted the potential for excitement leading into Nvidia’s earnings on May 22. Since their statement on April 27, Render has surged by 33%, while Fetch.ai has seen a 6.5% increase.
Nvidia’s stock reached its 30-day high on May 6, beginning the trading week at $921.40, according to Google Finance data.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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