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The price of Artificial Intelligence (AI) based protocol Render (RNDR) is on a rampage today, breaking free from its weeks-long bear trap in what is considered a major push toward closing November on a stellar note. At the time of writing, RNDR's price is pegged at $3.14, up 38.22% in the past 24 hours.
Render growth trigger
With this massive growth surge, the weekly price growth of the token has also soared 31%, erasing all accrued losses and repositioning the coin as the high flier that it is. This growth push is also bolstered by the trading volume that has recovered as much as 384% to $359,723,888. The Render recovery is a sign of resilience and a build-up of initiatives that can sustain growth in the competitive market that the protocol operates in.
This observable bull resurgence can be linked to a community rally around the RNP-007 Proposal. This proposal seeks to introduce the FEMDL Innovation, which is essentially a compute client and platform that "enables developers and enterprises to easily, economically, and securely build, deploy, and monetize their large language models (LLMs) and other generative AI applications."
As one of the notable proposals Render is putting out, the prospects for the future should this AI allowance be added has pushed many to vote yes to the proposal. According to data from Snapshot.org, a total of 33,000 RNDR tokens worth 91.34% have voted YES to the proposal, while only 3.1K RNDR, or 8.66%, have voted no.
We can say buying RNDR to vote on this proposal is the reason why the token has been on a rampage.
Tapping true AI market
While Render's primary business model involves connecting GPU miners with studios that need compute power, the FEDML platform is the protocol's approach to providing a much-needed solution in an age where millions are interacting with Large Language Model-powered chatbots.
Should this proposal pass, it will complement the numerous attempts by the protocol to bolster its outlook through partnerships and incentive programs.
Tomiwabold Olajide
Arman Shirinyan
Alex Dovbnya
