When the community passes a key idea (RNDR), make a price rally
The price of Supply (RNDR) has increased 5% in the last 24 hours and 52% in the last 30 days.
The AI-related crypto project saw positive sentiment as the technology became more widely accepted.
A community vote on board cloud computing platform proposed for Beam.
The AI crypto token's price rallied sharply on Friday, continuing its strong performance this past week. RNDR traded up more than 5% to $2.25 in the 24-hour period as of writing, with weekly and monthly gains of 13% and 52%, respectively.
The recent upward momentum has benefited from AI hype driven by predictions from major companies including Microsoft, Nvidia and Palantir.
RNDR value increases as the community votes for key ideas.
Rinder appears to have resisted bullish selling pressure after on-chain data confirmed FTX/Alameda moved above 974k RNDR tokens. Although the transfer of around $2 million worth of tokens at the time was for sale purposes, the market reaction put the bulls in control.
This positivity for the altcoin comes after the passing of the community vote RNP-005: Beam Compute Client proposal.
As the Render Network X tag shared earlier Friday, the original proposal from Oct. 23 has passed. RNP-005 1.4 million RNDRs, or 99.79% of votes, support cloud platform Rays onboarding, which could be the second Compute Client leveraging Render Network's GPUs for machine learning (ML) workloads.
Community voting for RNP-005 is now closed. The proposal was voted by 1.4M RNDR (99.79%) to approve and 2.9K RNDR (.21%) to reject.
The proposal will now go to “Show network group review”. If technical feasibility is passed, the Foundation will post the final RNP-005… pic.twitter.com/JyUeev4zNj
— Render Network (@rendernetwork) October 26, 2023
Beam's cloud platform enables accelerated development and deployment of AI operations with GPUs. This can be done without controlling the infrastructure, notes the proposal.
As such, integration with this platform allows Render's decentralized GPU network to power ML workloads. Render is a development that could see RNDR expand its utility on demand.
When the community vote is closed, the proposal moves to the next stage of “Network Group Review”. If RNP-005 passes this stage of technical feasibility, the Rinder Foundation will move to publish a final vote – expected Wednesday next week.
