Render (RNDR) has maintained its triple-digit yearly price gains as other CryptoAI tokens lost traction in H2 2023. On-chain data analysis examines if the SocialFi hype can push RNDR price to new peaks in the coming weeks.
RNDR is the native token of Render, an Ethereum-based GPU rendering network. By connecting artists and studios needing GPU computing power to mining partners, Render Token benefits immensely from the raving SocialFi hype.
Render Network Adoption is Growing Amid SocialFi Hype
While prominent SocialFi protocols like Stars Arena, Friend.Tech and Post.Tech has stolen the media headlines, Render network appears to be attracting significant traction behind the scenes.
According to on-chain data from Santiment, RNDR has witnessed a noticeable spike in new users in recent weeks. The chart below shows how Render Network Growth has consistently increased from 121 new addresses on September 5 to a 40-day peak of 230 on October 2.
Network Growth assesses a blockchain protocol’s new user acquisition rate by aggregating the daily number of fresh wallet addresses created. Typically, new users often mean new demand for the underlying native token.
As expected, this uptick in user acquisition
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Author: Ibrahim Ajibade
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