Render Surges Over 62% After Latest Community Voting Event
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RNDR, the native token of the decentralized cloud computing platform Render, surged over 62% in the past seven days. TradingView data shows RNDR’s price surged past multiple resistance levels and established a convincing break above its yearly high of 2023. As of the time of writing, RNDR trades at $2.5402, reflecting over 615% profit for the year.
RNDR embarked on the latest price surge after reports emerged of another milestone by the project’s developers. Render’s community completed the RNP-002 and RNP-003 votes. The project considers both events fundamental to its development, as they will affect the internal architecture of the Render network.
The RNP voting process for RNP-002 and RNP-003 has officially come to an end!
Here are the results and what they mean for the future of the Render Network.🧵
— Render Network | RNDR (@RenderToken) April 26, 2023
Reportedly, with the passing of RNP-002, the Render Foundation can implement the BME model in the Solana ecosystem. That would enable the protocol to explore Solana’s intrinsic attributes, which are impressive speed and low transaction costs.
Considering that Solana can handle thousands of transactions per second with an average cost of less than $0.01, Render expects that the integration with Solana will enable its users to work faster. It also hopes the cost of transactions on the network will reduce significantly.
RNP-003, also known as the Resource Acquisition and Allocation for Core Team and Grants, enables the Render Foundation to acquire and allocate resources to grow the ecosystem. The next stage in the process is the approval of the established votes. Once accomplished, Render will update both events as “Approved” on its roadmap ahead of full activation.
The recent voting outcome is reportedly behind the surge currently experienced by RNDR. Analysts refer to this phenomenon as a classic case of “buying the rumor and selling the news”. It happens when traders buy a particular asset in anticipation of a related outcome and sell off after the event. If that should be the case, then there could be a pullback in RNDR’s price in the short term after traders may have assumed the fulfillment of the rumor’s impact.
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