Render Jumps 30% As Key On-Chain Metrics Break Out

Render has surged back to a 4-month high as demand for AI infrastructure has grown and the network’s on-chain activity has exploded.

While the rest of the cryptocurrency sector has found itself stuck in consolidation during the past week, Render is among the few tokens that have witnessed a breakout inside the window.

Below is a chart that shows how the altcoin’s recent performance has looked.

As is visible in the graph, RENDER was trading around $1.80 last Tuesday, but since then, it has shot up to $2.35. This represents an increase of more than 30% over the last seven days. The current value of the asset is the highest that it has been since January.

Now, what’s behind the run? There could be a multitude of factors involved here. To begin with, Render is unlike many other cryptocurrencies in that its network acts as a marketplace for a real-world commodity: GPU computing power. This decentralized platform connects users looking for GPU rendering capabilities with those willing to rent out their hardware.

As the AI sector has enjoyed growth recently, demand for GPUs has exploded. This has naturally had a knock-on effect on platforms like RENDER and could explain some of the momentum seen by the network’s native token this year. The momentum has been accompanied by an uptick in the blockchain’s activity-related metrics, according to data from on-chain analytics firm Santiment.

As pointed out by Santiment in an X post, Render has observed a notable jump in the Daily Active Addresses and Network Growth recently. The first metric, the Daily Active Addresses, tracks the total number of addresses making at least one transaction on the blockchain every day. This indicator naturally provides an estimate for the daily user participation on the network.

Meanwhile, the other indicator, the Network Growth, measures the activity specifically coming from the newly-generated wallets. That is, it tells us about the adoption that the chain is receiving.

Now, here is the chart shared by the analytics firm that shows how these two indicators have changed for RENDER over the past month:

From the graph, it’s apparent that the altcoin has observed a rise in both the Network Growth and Daily Active Addresses as its recent price rally has played out. This means that the run has been accompanied by both user adoption and activity.

Currently, there are 394 active addresses and 118 new wallets on the network, both of which are the highest daily levels since March.