By Render Network’s RNDR token experienced a major price increase after Apple featured its Octane 3D rendering software during a May 7 iPad presentation. Apple Vice President of Platform Architecture Tim Millet delivered the unexpected exposure, sparking interest among investors and contributing to RNDR’s upward momentum.
Why did Apple’s Mention Impact RNDR Price?
Apple’s brief mention of Octane 3D, lasting only a few seconds within a four-minute keynote, highlighted Octane’s capabilities and its integration with Apple products.
The association with a tech giant like Apple instilled confidence in investors, leading them to speculate on the potential growth and adoption of Render Network’s technology. As a result, RNDR’s price surged by 11% immediately following the presentation and continued to climb in the subsequent days.
BREAKING: Apple just presented Octane X, the rendering software powered by $RNDR, as the pro rendering app on the new iPad!
You can literally see the $RNDR logo in the video!
Don’t ever mention “The Next $RENDER” again. pic.twitter.com/Kxg6llA3jH
— D0c Crypto (@TheRealD0c) May 7, 2024
Since May 8, RNDR has seen an overall 40% increase, reaching $11.54 on May 10, according to CoinMarketCap data. The surge outperformed Bitcoin price by a big margin, which experienced a more modest 6.9% gain during the same period.
RNDR’s price growth is not an isolated incident; it reflects a broader trend within the artificial intelligence (AI) sector. Other AI-related tokens, including The Graph, Fetch.ai (FET), and SingularityNET (AGIX), have also witnessed major gains since May 6. The collective rise suggests growing investor confidence in the potential of AI technologies.
Nvidia’s Upcoming Earnings Report and Market Expectations
The influence of major technology companies like Apple extends beyond individual endorsements. Industry leaders, such as Nvidia, play a crucial role in the development and adoption of AI hardware and software, shaping the market for tokens like RNDR.
Market analysts are closely monitoring Nvidia, as its Q1 2024 earnings report, expected on May 22, could greatly influence the trajectory of AI-related tokens, including RNDR. Positive earnings and optimistic forecasts from Nvidia could further fuel investor interest and potentially drive further growth in the AI sector.
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