Render token price prediction: What is render token (RNDR)?

It aims to bring high-end computer graphics to the blockchain, but what is render token (RNDR)?

Let’s see what we can find out about the crypto, and also examine some of the render token price predictions that were being made as of 20 April 2023. 

Render token explained

Although blockchain technology and, by extension, cryptocurrency, are key drivers of the phase of the internet known as Web 3.0, that does not mean that every system on the blockchain is, in effect, doing something that can only be done on Web 3.0. There are a lot of platforms that work with things, either in the sphere of finance or of technology, that have been around for as long as the internet, or in some cases, since before the world wide web really became a thing.

One example of something that can be done on both the blockchain and in what we might call regular computing is graphics, particularly the graphics that are used in videogames. The idea is that the nature of the blockchain can encourage collaboration and can allow things to happen in a way that is quicker and easier for game developers.

One organisation that utilises blockchain technology to help people create computer and videogame graphics is The Render Network. Founded in 2016 by Jules Urbach, it is a de facto subsidiary of graphics company OTOY. The system uses the Ethereum (ETH) blockchain as a base from which to allow people who want to render graphics to team up with people who have graphics processing units (GPUs). However, as of 12 April 2023, voting was taking place on a proposal to move to the Solana (SOL) blockchain. 

As the network’s website says: “The future is being built today and hardware limitations should not be what keeps you from being a part of the new digital renaissance. Render puts the power of GPU rendering at your fingertips, at a fraction of the cost and speed of in-house rendering.”

Every blockchain-based platform needs to have its own native cryptocurrency, and The Render Network has the render token, also known by its ticker handle RNDR. This crypto is designed to reward people who link their GPUs with the system. The platform also uses smart contracts, computer programs which execute automatically when certain conditions are met, to prevent people from doing shoddy and fraudulent work.

RNDR, which first came onto the open market in 2020, can also be bought, sold and traded on crypto exchanges. 

Something that we need to mention at this stage is, because it is based on Ethereum – and could soon be based on Solana – the render token is, as its name suggests, a token rather than a coin. You might see references to such things as a ‘render coin price prediction’ – or, worse, a ‘render token coin price prediction’ – but such terms are, technically speaking, incorrect.

Render token price history

Now let’s cast our eyes over some of the RNDR price history. While past performance should never be taken as an indicator of future results, knowing what the crypto has done in the past can help give us some useful context if we want to interpret a render token price prediction that is already out there, or to make one of our own. 

When RNDR first hit the open market in June 2020, it was worth $0.04677. While it shot up to $0.2699 in late August that year, it then experienced peaks and troughs over the next few months. In early 2021, though, the market really picked up and awoke from the so-called crypto winter it had gone through over the course of the previous few years and, in late March, RNDR traded at around $2.50.

After that, though, there was a downturn and the token spent the summer in the doldrums, trading below $0.50 in late June. There was a return to form later in the year, though, as improved market conditions, boosted by the news that bitcoin (BTC) had reached record levels, saw the render token price shoot up to an all-time high of $8.76 on 21 November 2021. After that, though, the market experienced a downturn and RNDR fell with it, closing the year at $4.61. 

While 2021 was a good year for both crypto and RNDR, 2022 has been pretty poor. Although the render token rose to a high of $5.44 on 4 January 2022, it then sank down to $1.81 on 24 January. Although there was a recovery to $4.17 on 2 February, spurred by a listing on the Coinbase (COIN) crypto exchange, there were then more peaks and troughs before a series of market crashes saw it sink to a low of $0.2984 on 19 June 2022.

After that, there was a slow recovery to $0.7927 on 13 August 2022, but then another downturn to $0.372 on 13 October. In early November, though, the news that RNDR had been listed by crypto banking app Revolut saw it experience something of a recovery, breaking past the dollar barrier for the first time since May to stand at a high of $1.14 on 6 November 2022. Shortly after that everything went wrong. The  collapse of the FTX (FTT) exchange saw more hard times for RNDR and it sank to close the year at $0.4025, a year-on year loss of more than 90%. 

Things got better in 2023, as a bouyant market saw the token surge to $2.18 on 7 February, its best price in around a year. Following that, it dropped to a low of $0.9011 on 10 March in the wake of the collapse of the Silvergate bank. By 12 April 2023, though, the price had recovered somewhat to stand at about $1.55 as the token was in the middle of a bull run that culminated in a high of $2.1194 on 18 April. By 20 April 2023, the market had corrected somewhat and render was trading at about $2.

At that time, there were 363,911,539 RNDR in circulation out of a total supply of 530,962,615. This gave the token a market cap of about $730m, making it the 65th-largest crypto by that metric. 

Render token price predictions

With that all out of the way, let’s now take a look at some of the render token price predictions that were being made as of 20 April 2022.

It is important to remember here that price forecasts, especially when it comes to something as potentially volatile as a cryptocurrency, often turn out to be wrong. Also, you should note that many long-term crypto price predictions are made using an algorithm, which means that they can change at any time.

First, CoinCodex had a rather pessimistic short-term render price prediction for 2023, suggesting the token could reach about $1.80 by 25 April before continuing to drop downwards to reach a potential $1.64 by 21 May. The site's technical analysis was, perhaps surprisingly, bullish, with 27 indicators sending positive signals compared to just four making bearish ones.

Next, CryptoPredictions.com made an RNDR token price prediction which suggested the crypto could close 2023 at a little under $2.36 before potentially dropping to trade at $2.19 at the end of 2024. The site then went on to make a render token price prediction for 2025 that said the crypto could start the year at a fraction of a cent below $2.17, with it potentially reaching a yearly high of just under $2.42in August before falling to a little below $1.73 by the end of the year. 

Meanwhile, CaptainAltCoin had a render token crypto price prediction which argued that RNDR could drop to $1.32 in June 2023 before potentially recovering to $2.41 in April next year. The site went on to suggest that the crypto could trade at $3.89 in 2025.

That was, however, as good as things got, because the site argued that RNDR could fall to being worth $0 by April 2028. There was, the site said, little hope of a recovery from that, because it made a render token price prediction for 2030 and another for 2040, both of which suggested it would stall at $0, become a de facto deadcoin. 

Finally, WalletInvestor made an RNDR price prediction which also argued that the token could face some tough times in the future. The site said that the render token could, potentially, go through a tough 12 months, with it dropping to just $0.211 by April 2024. 

When considering an RNDR token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns, and never trade with money that you cannot afford to lose.

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