Render (RNDR) has been on an upward trajectory, recording some of the biggest profits in the crypto market this past week. This show of strength by the metaverse cryptocurrency coincides with a busy week dominated by the bulls.
However, it appears that the RNDR price increase is not a result of general market sentiment. So, what could be driving up the value of Render?
RNDR Gains 32% In One Week – Price Overview
After a period of sideways movement, the price of RNDR has chosen to go upward to become one of the biggest gainers this past week. According to CoinGecko data, this coin has ballooned by more than 32% in the last seven days.
It is worth noting that most of this price increase happened in two days – on the 17th and 18th of May. In an almost vertical rise, RNDR surged in value by more than 20% on Wednesday, May 17. This price rise is understood to be a reaction to the news of Apple launching its VR headset.
RNDR, the utility token of the Render Network, didn’t have a great market performance in 2022, sinking as low as $0.325 at some point in the year. However, the cryptocurrency has been on an excellent recovery, gaining nearly 500% since the turn of 2023.
As of this writing, the RNDR token changes hands at $2.36, with a 2.8% price increase in the past 24 hours. That said, price data reveals that the coin has not made any significant movement since Thursday, consolidating around the $2.50 price level.
RNDRUSD trading at $2.367 | Source: RNDRUSD chart from TradingView
How Apple’s VR Headset Will Affect RNDR Price
As earlier mentioned, the price surge experienced by RNDR in the past week was primarily due to the rumors of Apple launching its highly-anticipated VR headset next month. In fact, most metaverse tokens, including MANA, ICP, SAND, etc., enjoyed a bullish run as a result of the news.
#Metaverse tokens are on the rise this week amid rumors about Apple’s new AR/VR headset 🎧
Got your eyes of any of these coins?https://t.co/bHqPPKWLk7 pic.twitter.com/FPl0854ZPa
— CoinGecko (@coingecko) May 18, 2023
The Render Network offers decentralized GPU-based rendering solutions. Meanwhile, RNDR is the utility token used to pay for motion graphics, animation, and VFX rendering on the network. The RNDR token basically powers all products released by the network’s parent company.
And, with the recent release of Render’s OctaneX app on M1 and M2 iPads, there is speculation that the developers of the new VR headset will use the Render network. OctaneX is an app that offers real-time, photo-realistic 3D rendering in M1 and M2 iPads.
Considering this potential development, there is rising demand for the RNDR token – and we are very likely to see a further increase in its price.
-Featured image from RenderToken.com, chart from TradingView