Altcoins
Crypto Market Recovery: Altcoins Witness Increase in Gains Leading Rendering (RNDR) and Worldcoin (WRD)
It’s underdog week in the crypto world. AI-powered altcoins and meme coins are having a busy week, even as Bitcoin (BTC) and Ethereum (ETH), the undisputed crypto heavyweights, struggle.
The radar is on two AI-powered altcoins: Render and Worldcoin, which have seen their prices and trading volumes increase over the past 24 hours. These underdogs prove that utility is everything: once a coin has utility, it will undoubtedly attract investor money and its growth will not be tied to that of the big two (ETH and BTC).
Render’s 300% peak holds promise for content rendering
Image credit: Ksantini | AVERAGE
Render Network, the company behind the Render (RNDR) token, has an impressive resume. Render aims to decentralize rendering, providing a distributed network of GPUs, which users can leverage and enjoy low-cost, efficient, high-quality rendering of their digital content.
Investor money is one of the litmus tests for gauging the viability of a product, and Render has caught the attention of investors. Over the past 12 months, Render has seen an impressive 300% growth. This growth trajectory could see Render surpass its previous all-time high of $13.60.
Image credit: Coingecko
$RNDR is listed on several exchanges and, as the native cryptocurrency of the Render Network, it serves as a medium of exchange within the Render ecosystem and provides access to rendering services.
Increase in Worldcoin price and trading volume
Image credit: World Currency
The price of Worldcoin saw a 5% rise in the last 24 hours and its trading volume jumped to $525 million, more than double what it was.
The name Sam Altman rings a bell. He is the CEO of OpenAI, the company behind the viral chatbot ChatGPT. Worldcoin is another darling of Sam, and his reputation has been positively stolen by this token.
Worldcoin, as a company, brings innovation to identity verification; it aims to create a decentralized identity verification system using blockchain technology. The company aims to store, on the blockchain, the pattern of the user’s iris that it has scanned using its Orb scanners.
There have been mixed reactions and controversy regarding privacy, with the security of OpenAI’s database being questioned. This led to the shutdown of Worldcoin operations in Hong Kong.
On May 15, however, Worldcoin announced that it had moved user data to a more secure database and completely deleted the previous one. The recent rise in the coin’s value seems to indicate that investor confidence in the project is increasing.
Utility is everything. Parts backed by products designed to provide innovative solutions will thrive on the innovation they bring. This is the case of the two altcoins Render and Worldcoin. Although they are newcomers, Render’s mission to revolutionize 3D rendering and Worldcoin’s mission to bring innovation to identity verification have investors excited. The recent price surge of the two coins could be a product of investor confidence in the solutions offered by the underlying companies.
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Image credits: Traxeur | Unsplash