Render Token (RNDR) has not only grabbed headlines for being one of the hottest cryptocurrencies in the market, but it has also been garnering attention for the technology it is backed by. RNDR is a distributed Graphics Processing Unit (GPU) for image-synthesizing. According to InvestAnswers, an anonymous crypto analyst, RNDR has the potential to soar higher and double up in value, even though it has already gained by over 500% this year.
The bullish prediction was made by the anonymous host of InvestAnswers in a new video with the channel’s 443,000 YouTube subscribers. RNDR, which closed at $0.406 in 2022, is currently trading at $2.46. The host predicted that the value of the token could reach $5.62 in the next bull market.
However, the crypto analyst laid out three different scenarios for the future performance of RNDR, including a bear case, an “expected” case, and the bull case. In addition, he notes that his bull case prediction could take until 2025 to materialize.
According to him, the bear case for RNDR, where the token value is predicted to be $3.68, will give a market cap of $1.7 billion. The expected case, where the token value is expected to be $4.87, will give a market cap of $2.3 billion. And the bull case, where the token value is predicted to be $5.62, will give a market capitalization of $2.6 billion.
He emphasized that the bull run could go on until 2025, and the number of tokens in circulation by that time could be around 465 million, depending on how the burn mechanism works. He believes that RNDR has the potential to become one of the most popular cryptocurrencies in the market if the following conditions are met.
First, there needs to be wider adoption and development activity within the RNDR network, and secondly, the AI and decentralization space needs to explode. The analyst thinks that gains will be tied to the performance of the cryptocurrency market.
Currently, RNDR has been generating a lot of attention in the market due to its technology. It is expected to grow more as the demand for high-quality images and videos increases, and since RNDR is a decentralized rendering network, it can provide easy access to high-end computing resources.
According to OTOY, a cloud-based software company, RNDR is a network of GPU-based servers that can perform advanced rendering tasks. OTOY has positioned RNDR as a cost-efficient and accessible solution for rendering, making the technology accessible to everyone in the industry.
OTOY CEO, Jules Urbach, emphasized that RNDR has the potential to revolutionize the way content is created by providing artists with more opportunities and enabling them to unlock new frontiers in graphics-heavy industries. RNDR is currently being used by some of the biggest names in the entertainment industry, such as HBO and Universal Studios.
If the bullish prediction by InvestAnswers holds, then RNDR has a lot more potential to grow in the market. The prospects of RNDR becoming one of the major cryptocurrencies in the industry are very high. With the growing interest and investments in the cryptocurrency industry, investors are more bullish on RNDR than ever before.