Render (RNDR) value jumps 32% in one week – here’s why

Render (RNDR) has been on an uptrend, registering the biggest gains in the crypto market in the past week. This show of strength by the Metaverse cryptocurrency coincides with a busy week dominated by bulls.

However, it appears that the RNDR price increase is not a result of general market sentiment. So, what can increase the value of render?

RNDR up 32% in one week – Price Overview

After a period of sideways movement, RNDR price has chosen an uptrend and has emerged as one of the biggest gainers in the past week. According to coingeco dataThe coin has gained over 32% in the last seven days.

It is worth noting that most of this increase in prices happened in two days – on 17th and 18th May. On Wednesday, May 17, RNDR increased in value by more than 20% in a nearly vertical increase. This price hike is understood to be a response to the news of Apple launching its VR headset.

Render Network’s utility token RNDR hasn’t had a great market performance in 2022, trading as low as $0.325 at some point in the year. However, since the turn of 2023, the cryptocurrency has been on an excellent recovery, gaining nearly 500%.

As of this writing, the RNDR token changes hands at $2.36 with a 2.8% price increase over the past 24 hours. That said, price data shows that the coin has not made any significant changes since Thursday around the $2.50 price level.

RNDRUSD trading at $2.367 | Source: RNDRUSD chart from TradingView

How will Apple’s VR headset affect the RNDR value

As mentioned earlier, the price increase experienced by RNDR last week was mainly due to the rumors of Apple launching its highly anticipated VR headset next month. In fact, most of the Metaverse tokens, including MANA, ICP, SAND, etc., enjoyed a bull run as a result of the news.

#metaverse Tokens Soar This Week Amid Rumors About Apple’s New AR/VR Headset 🎧

Are you eyeing any of these coins? pic.twitter.com/FPl0854ZPa

— CoinGecko (@coingecko) May 18, 2023

Render Network provides a decentralized GPU-based rendering solution. Meanwhile, RNDR is a utility token used to pay for motion graphics, animation and VFX rendering on the network. The RNDR token powers basically all products issued by the parent company of the network.

And, with the recent release of Render’s OctaneX app on the M1 and M2 iPads, there’s speculation that developers of new VR headsets will use the Render network. OctaneX is an app that provides real-time, photo-realistic 3D rendering to the M1 and M2 iPads.

With this potential development in mind, the demand for the RNDR token is on the rise – and we are very likely to see its price rise further.