RNDR yields 11% after Apple mentions Octane.
Render Token (RNDR) jumped 11% after Apple briefly mentioned Octane — its 3D design software powered by the Render Network — will reveal the M4 chip in its latest iPad at its keynote event.
Apple's vice president of platform architecture, Tim Millett, said the software's brief three-second presentation caught the attention of traders, and several commentators were given the upside that RNDR's price had already experienced. last week.
“Pro recording apps like Octane fly by fast,” Millett says of the software's performance on the new iPad.
“You can literally see the $RNDR logo in the video,” shared anonymous crypto trader D0c Crypto in a May 7 post.
The 11% price increase after the May 8 announcement contributed to RNDR's overall 40% growth over the past seven days.
According to CoinMarketCap data, at the time of publication, Render is trading at $11.16.
“Bitcoin is falling, but RNDR doesn't care,” crypto trader Mr. Crypto, who goes by the pseudonym Mr. Crypto, told his 104,700 X followers on May 9.
In comparison, Bitcoin (BTC) is up 5.5% over the same seven-day period and is trading at $62,876.
Meanwhile, other artificial intelligence (AI) tokens have seen big gains across the board since May 6: Fetch.ai (FET) is up 12.88%, The Graph (GRT) is up 20.28% and SingularityNET (AGIX) is up 16.18%.
In particular, there is a general “greed” among investors, as indicated by the Crypto Fear and Greed Index – a calculation based on signals that influence the behavior of traders and investors.
As of May 10, the “Greed” score is 66, which is 11 points higher than the previous day.
Traders are set to closely watch AI tokens in the coming weeks – Nvidia, one of the largest manufacturers of graphics processing units – is set to release its first quarter 2024 earnings report on May 22.
Related: Nvidia shares 15% in 5 days – will AI crypto tokens follow?
Traders have linked the AI token's price action to the performance of Nvidia shares in the past.
Most recently, in April, when AI tokens dipped a bit across the board, traders saw it as a buying opportunity ahead of Nvidia's earnings report in May.
“It should be an interesting few weeks with many AI coins looking down on May 22nd leading up to Nvidia earnings,” Crypto God John told his 668,100 X followers on April 27th.
Since then, Render is up 33 percent, and Fetch.ai is up 6.5 percent.
As several AI tokens rallied last week, Nvidia's stock hit a 30-day high on May 6, starting the trading week at $921.40, according to Google Finance data.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
