Render Network Token Price Surges Following Vote on New Tokenomics Model
The blockchain–based distributed rendering service Render Network has seen its utility token, RNDR, surge over 80% in the past week. This follows the network‘s vote to pass a new tokenomics model, capping net emissions. The new model allows artists to burn the required amount of RNDR in exchange for non–fungible work credits, distributed to node operators. The RNDR token has seen a 425% increase in price this year, climbing from 40 cents on Jan. 1 to its current $2.16. This surge in price has been driven by the new tokenomics model, which has been designed to incentivize node operators and reward artists for their work. With the new model in place, Render Network is well–positioned to continue its growth and success.
Render Network’s BME Model and Bullish Sentiment
Render Network, founded by cloud rendering company OTOY‘s Jules Urbach in 2016, is aiming to make RNDR a commodity and deflationary asset with its BME model. Render Network provides distributed graphics processing unit (GPU)-based rendering service for the culture and entertainment sector. Crypto data provider Coinglass recently revealed that funding rates for the token currently remain positive in most exchanges, indicating a mostly bullish sentiment among traders. This is great news for the Render Network, as the positive sentiment could lead to increased adoption of the RNDR token. With the BME model, Render Network is looking to revolutionize the rendering industry and make RNDR a valuable asset.
Bitcoin Gains Momentum on Powell’s Comments
Bitcoin (BTC) has recently gained 2% to trade at $23,250, following remarks by Federal Reserve Chairman Jerome Powell that a deflationary process had started. Oanda Senior Market Analyst Edward Moya believes that as long as the labor market is cooling and next week’s inflation report doesn’t increase significantly, Bitcoin could see further bullish momentum. This news has been welcomed by cryptocurrency investors, who are hoping that Bitcoin will continue to increase in value. With the potential for further gains, Bitcoin could become an attractive investment option for those looking to diversify their portfolios.
Ether and Traditional Markets Rise After Powell’s Comments
Ether (ETH) recently traded at $1,670, up 3.5% from Monday, according to the CoinDesk Market Index. This increase follows Federal Reserve Chairman Jerome Powell‘s comments, which also caused traditional markets to rise. The S&P 500 index, Nasdaq Composite, and Dow Jones Industrial Average all closed up, with the S&P 500 and Nasdaq up 1.2% and 1.9%, respectively. This shows that the crypto market is closely linked to traditional markets, and investors should keep an eye on both.
