By Render (RNDR) and several other leading AI tokens are bearing the brunt of a market-wide crypto crash, according to price data by CoinGecko.
Earlier today, a brief AI coin rally added as much as 20% to RNDR’s price, before dropping back into a downtrend.
Indeed, AI tokens across the board rallied briefly before plummeting by mid-afternoon UTC on Tuesday, April 16.
The sudden depreciation comes in the context of a wider downturn in the last few hours as the market does a spot of profit-taking ahead of Saturday’s Bitcoin halving.
That said, the losses among AI tokens are particularly heavy. RNDR is down 10% in the last 24 hours and currently changes hands at $8.05.
It’s closest contender, the largest AI token by market cap, Bittensor (TAO), has fallen 15% overnight to trade at $466.
At this rate, there is potential for the $3.06 billion market cap RNDR to flip the $3.08 billion TAO for the top spot any day now.
RNDR’s trading chart for the last three months tells a story typical of many cryptocurrencies these last three months. E
arly March proved to be a hefty catalyst for an explosive ascent from around $7 to $12 between the 6th and 9th. RNDR then went on to clock a new all-time high (ATH) of $13.53. Today’s price reflects a depreciation since then of about 41% with the heaviest losses arriving in April.
The sell-off could continue for a little bit longer too, according to RNDR’s Relative Strength Index (RSI), which is currently at 36 and sliding. If the token’s RSI falls below 30, it will be oversold.
As AI Tokens RNDR and TAO Crash, SLOTH Lights Up.
Given the stormy waters around AI tokens right now, investors might want to hedge their bets with some potentially explosive meme coin action.
Now, in the parlance of investing, “meme coins” and “hedging” really don’t go well together, although having said that, the funny tokens are actually doing better than AI tokens today. Still, in general meme coins volatile and highly speculative, even by crypto’s already volatile and highly speculative standards.
With Bitcoin’s halving due on Saturday, the industry is holding out for a bull run.
It’s happened in the previous three halvings and analysts expect this time will be no different. That’s because in halving BTC mining rewards, the issuance of new Bitcoin gets cut in half. Where there’s a supply squeeze, prices rally.
But meme coins have an edge on every other category of token on Saturday because the halving coincidentally falls on 4/20, International Stoner day.
Dog-related coins will be frolicking with joy that day because it’s the official Doge Day.
However, word on the grapevine suggests a certain Sloth on Solana will join them.
Hold onto your branches, Slothana faithful! We’re gearing up to drop some major news: the official launch date is on the horizon! Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
Enter Slothana. From the clock on the wall to his baked red-eyes and contented smirk, Slothana is one of 4/20’s biggest fans.
In just three weeks, traders have poured well over $10 million into his ICO in a bid to try and recapture some of the early upside potential of recently profitable Solana funny tokens like Slerfs, DogWifHat and Bonk.
Interested investors can join the SLOTH presale today by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA or using the contribution widget on the Slothana website.
Recently a countdown timer appeared on Slothana’s landing page. A sign, perhaps, that the presale window is closing on April 29?
The post Is It Too Late To Buy Render? RNDR Price Climbs 20% Amid AI Coin Rally Then Crashes, Explore This Hidden Meme Coin Set for a Major Surge appeared first on Cryptonews.
