Render Network Active Users Surge Ahead of Token Migration

Render Network Active Users Surge Ahead of Token Migration

Render Network (RNDR), a crypto project based on artificial intelligence (AI) technology, has recorded a significant surge in user activity, reaching an all-time high as it approaches the scheduled token migration to the new RENDER ticker on July 19, 2024.

According to data from Santiment, the number of active user addresses on Render Network soared to 5,040 addresses on July 17, 2024, marking a new peak since late March 2024.

Active User Addresses Metric on Render Network. Source: Santiment

This metric measures the estimated number of users directly participating in transactions on the blockchain. The crypto community believes that this increase is related to the anticipation of the Render token migration.

Previously, Santiment noted an uptick in address activity for Render (RNDR), along with two other altcoins, Aave (AAVE) and Maker (MKR).

These three tokens were identified as "the most notable altcoins with increased address activity in recent days among many market capitalization gains." Historically, an increase in the number of wallets interacting on the network has often been an indicator of bullish behavior in the future.

Over the past week, the Render token has shown an increase of more than 10%. At the time of writing, the RNDR token is steadily trading around $6.47, according to CoinMarketCap data.
Render Price Over the Past Week. Source: CoinMarketCap

Token Migration to RENDER Scheduled for Today

Previously, Render Network announced that it would begin the process of migrating the Render token from RNDR to RENDER today. During this process, all operations, including deposits, withdrawals, and trading on Render Network, will be temporarily suspended.

The platform plans to move all RNDR assets based on ERC-20 tokens on the Ethereum network to Solana, following a community vote in 2023 that recommended the migration.
Several crypto exchanges, including Binance, OKX, Kraken, HTX, MEXC, Bitget, and Pintu, have announced their support for the Render migration process as scheduled by the platform.

Conclusion

The surge in active user addresses on Render Network signifies heightened anticipation and confidence in the upcoming token migration from RNDR to RENDER. This transition, supported by major crypto exchanges and the community, reflects the network's commitment to enhancing its infrastructure by moving from Ethereum to Solana. The substantial increase in user activity and the token's price appreciation suggest a bullish outlook for Render Network as it prepares for this pivotal change.

As Render Network embarks on this migration, the temporary suspension of operations indicates a thorough and structured approach to ensure a smooth transition. The support from prominent exchanges underscores the significance of this migration in the crypto space. This move is expected to strengthen Render Network's position, leveraging Solana's capabilities to further its growth and innovation in AI-based crypto technology.

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