Render Token (RNDR) rose 11% after Apple briefly mentioned Octane, a 3D design software powered by its render network, during its keynote presentation showcasing the M4 chip in its latest iPad.
A brief three-second mention of the software in Tim Millet’s four-minute keynote, Apple’s vice president of platform architecture, caught the attention of traders and was credited by several commentators with adding to the upward swings experienced by RNDR’s price. last week.
“Pro rendering apps like Octane will be a total success,” Millet said, referring to the software’s performance on the new iPad.
“You can literally see the $RNDR logo in the video,” anonymous cryptocurrency trader D0c Crypto said in a May 7 post.
The 11% price surge since the May 8 announcement has contributed to RNDR’s overall 40% increase over the past seven days.
At the time of publication, Render is trading at $11.16, according to CoinMarketCap data.
“Bitcoin is falling, but RNDR doesn’t care,” anonymous cryptocurrency trader Mister Crypto told his 104,700 X followers on May 9.
In comparison, Bitcoin (BTC) is trading at $62,876, up 5.5% over the same seven-day period.
Meanwhile, other artificial intelligence (AI) tokens have seen a general uptrend since May 6th. Fetch.ai (FET) is up 12.88%, The Graph (GRT) is up 20.28%, and SingularityNET (AGIX) is up 16.18%.
In particular, there is a general “greed” among investors, as evidenced by the Crypto Fear and Greed Index. This is a calculated number based on signals that influence the behavior of traders and investors.
As of May 10, the ‘Greed’ score was 66 points, 11 points higher than the previous day.
In the coming weeks, traders will be watching AI tokens closely as Nvidia, one of the largest producers of graphics processing units, is scheduled to release its Q1 2024 earnings report on May 22.
Related: Nvidia Gains 15% Share in 5 Days — Will AI Crypto Tokens Follow?
Traders have linked AI token price action to the performance of Nvidia stock in the past.
Most recently, when AI tokens experienced a slight overall decline in April, traders saw this as a buying opportunity ahead of Nvidia’s earnings report in May.
Cryptocurrency trader CryptoGodJohn told his 668,100
Since then, Render is up 33% and Fetch.ai is up 6.5%.
Nvidia’s stock began trading at $921.40 on May 6, hitting a 30-day high as several AI tokens surged last week, according to Google Finance data.
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.