The RNDR price has risen by 3.5% today, pushing to $4.60 as the cryptocurrency market suffers a 1% dip in the past 24 hours.
This movement means that RNDR has gained by 21% in a week and by 2% in a month, with the altcoin also sitting on a very healthy 275% gain in a year.
Much of its recent growth has followed from its ongoing migration to Solana, with major exchange Coinbase recently announcing its intention to list the Solana-based version of the token in the near future.
Yet Render’s performance may have put it in an overbought position, so traders may prefer to invest in smaller cap alternatives at the moment, with Meme Kombat’s (MK) increasingly successful presale suggesting that it could rally vigorously soon.
Is It Too Late to Buy Render? RNDR Price Blasts Up
RNDR’s indicators suggest that it’s regaining momentum after a fortnight-long lull, with its relative strength index (purple) rising to 60 overnight.
This signals growing buying pressure and demand, as does the fact that the coin’s 30-day average (yellow) has begun rising again, putting further distance between itself and the 200-day average.
Source: TradingView
It’s also encouraging that RNDR’s 24-hour trading volume has jumped from around $60 million a few days ago to $250 million as of writing.
Again, this suggests that traders are going for the alt in a big way, and there’s one clear short-term trigger for today’s rise: Coinbase.
Assets added to the roadmap today: Render (RENDER)https://t.co/rRB9d3hSr2
— Coinbase Assets (@CoinbaseAssets) January 30, 2024
The US-based major exchange has added Render to its roadmap for listing, indicating that it will soon list the token.
However, it should be added that it will be listing the newer Solana-based version of the coin, with Render in the process of fully migrating from Ethereum to Solana.
This transition – which ultimately will see the ERC-20 version of the coin become inactive – has been another key factor in Render’s recent joys, with the coin basically doubling in price since mid-November.
Another big reason for RNDR’s fortunes is that the market believes the Render Network will attract increasing adoption, particularly as AI becomes a bigger and bigger part of the global economy.
Solana’s Phantom flips Coinbase as #1 most downloaded wallet $RNDR is the #1 project on Solana, do you guys realize how fucking hard $RENDER is going to moon this AI bull cycle? Buckle up! https://t.co/oPvevgU6XD
— MachineAlpha (@Machine4lpha) January 30, 2024
If so, the RNDR price could reach $6 by the summer and potentially pass its current ATH ($8.78) by the end of the year, particularly if the wider market enters a bull phase.
Innovative Meme Coin Raises $7.7 Million
As strong as RNDR looks now, it’s arguable that its rise is another example of a ‘buy the rumor, sell the news’ event.
As such, some traders may feel more comfortable turning to newer tokens already, with the market boasting a wide selection of promising new alts and presale tokens.
One of the hottest right now is Meme Kombat (MK), an ERC-20 coin that has raised $7.7 million in its soon-to-be-finishing presale.
What makes Meme Kombat innovative as a meme token is that it’s also a social gambling platform, providing users with the opportunity to bet on the results of AI-generated battles between meme characters.
Users place bets using the MK token, with the platform paying out winnings in the form of MK as well.
Holders can stake MK for a passive staking income, which comes in addition to any winnings.
Importantly, the use of AI will ensure that results are completely random, while the use of blockchain and smart contracts will also ensure full transparency.
Such a setup helps to explain why Meme Kombat’s presale has already done so well, with investors also drawn by its use of memes, which have proven so effective in boosting cryptos over the years.
Are you hyped for the #MemeKombat NFTs?
We’re working to launch them and get them into your hands soon! pic.twitter.com/aPW8S7ZHTg
— Meme Kombat (@Meme_Kombat) January 31, 2024
It’s also promising that Meme Kombat has already established a strong online following, with its Telegram channel boasting close to 10,000 members already.
Its sale will end once it raises $10 million, with newcomers still able to join by going to the official Meme Kombat website.
It has reached its final presale price of $0.279, yet it could rise much, much higher once it lists in the coming weeks.
The post Is It Too Late to Buy Render? RNDR Price Blasts Up as Innovative Meme Coin Raises $7.7Million appeared first on Cryptonews.