Render Price Jumps 37% Amid Speculation Of Apple Partnership And Excitement Around DePIN

• DePIN cryptocurrencies are gaining attention as the next frontier for crypto growth
• Render Token is one of the leading DePIN cryptocurrencies at the moment
• Latest news linking Render to Apple could trigger bull rally

Render Leading In DePIN Space

Backed by compelling industry data, experts suggest that DePIN could be the next major trend in crypto, potentially outperforming other sectors once bullish momentum returns. Render Token (RNDR) is one of the top cryptocurrencies in this fast-rising space.

However, as with much of the market, Render finds itself in the red today, experiencing a 4.69% downturn over the last 24 hours, to trade at $10.18 when going to press. Despite this short-term setback, Render’s long-term prospects remain promising, particularly within the DePIN market.

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What Is DePIN?

DePIN projects are a new wave in the area of blockchain technology. Their goal is to create a decentralized physical infrastructure involving several things: decentralized storage, distributed computing, networking, AI services, and IoT sensors.

Additionally, DePIN has close connections with Oracle services and Real-World Asset (RWA) tokenization, which represent the coming together or meeting point between the physical world and digital worlds via tokens and electronic systems.

Related: Best DePIN Crypto Coins to Watch

DePIN Market Could Soon Hit $100 Billion 

The total market capitalization of DePIN currently stands at an impressive $33 billion, with projections suggesting exponential growth to $100 billion or more once bullish sentiment returns to the market. Render Token (RNDR) stands at the forefront of this movement, serving as a distributed GPU rendering network built atop the Ethereum blockchain. Its primary objective is to connect artists and studios needing GPU computing power with mining partners willing to rent out their GPU capabilities.

Render Partnering With Apple?

Render is well positioned to take advantage of the DePIN wave, given that even large corporations such as Apple have acknowledged this. According to a tweet by Render Network, #OctaneX was showcased during an Apple keynote where they demonstrated how to plug together Render’s decentralized GPU compute power with M4 chipsets. This could potentially transform rendering abilities for Apple users. This move holds great importance and may cause some investors to fear losing their chance of profiting from Render’s collaboration with Apple.

#OctaneX was featured in today’s @Apple keynote!

Apple users can augment the massive increase in rendering power on the M4 with access to near unlimited high performance decentralized GPU compute power on @rendernetwork using Octane X. pic.twitter.com/WwfC8mIBB1

— The Render Network (@rendernetwork) May 7, 2024

Whales Are Buying Render 

Even more bullish for Render is that whales have been accumulating, signaling confidence in their potential. On-chain data provided by Lookonchain points to rising whale activity. Last month, a whale withdrew 748,898 RNDR tokens, valued at $5.3 million, from the Binance exchange.

1/ The price of $RNDR has increased by 40% in the past week!

Let’s check if any whales and smart money are accumulating $RNDR! pic.twitter.com/NAVHcJO55n

— Lookonchain (@lookonchain) May 8, 2024

The rise of DePIN cryptocurrencies heralds a new era of innovation within the crypto market, with Render Token (RNDR) leading the charge. Despite short-term market fluctuations, Render’s strategic positioning within the DePIN landscape and its partnerships with industry giants like Apple bode well for its long-term growth potential. 

Render Price Prediction As Market Slows Down

Like the rest of the market, Render has been in a correction for most of the day. However, in the last few hours, Render has found strong support at $9.981. It has bounced off, but the Bulls are not clear yet. To confirm bullish momentum, Render price must push through the intra-day resistance at $10.515. If bulls push RNDR through this resistance, then prices between $10.80 and $11 could be attainable in the day. 

On the other hand, if bulls lose momentum, two scenarios could play out in the day. The first is a possible consolidation between the day’s resistance at $10.515 and support at $9.998. However, if bears take control in the day and push RNDR through the $9.981 support, then prices below $7 could be hit in the next 24 hours. 

Why Bulls Could Push Render To $11 Today

While Render price has yet to show clear direction today, there is a strong chance that bulls could take control during the day. This is because of news about Render, including links to Apple. This and investors are increasingly pushing into DePIN cryptocurrencies, which could trigger a surge in buying volumes. More importantly, Bitcoin seems to be stabilizing around $62k after a sustained price drop in the last 24 hours. If Bitcoin rebounds, it could uplift the broader market with it. 

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