RNDR pumps 11% after Apple mentions Octane

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Render Token (RNDR) jumped 11% after Apple briefly mentioned Octane — a 3D design software powered by the Render Network — in its keynote presentation showing off its M4 chip on its latest iPad.

The brief three-second mention of the software in a four-minute keynote by Apple’s vice president of platform architecture, Tim Millet, caught traders’ attention and has been credited by several commentators for adding to the upward swing that RNDR’s price has experienced over the last week.

“Pro rendering apps like Octane will flat-out fly,” Millet stated, making note of the software’s performance on the new iPad.

“You can literally see the $RNDR logo in the video,” pseudonymous crypto trader D0c Crypto shared in a May 7 post.

Octane application in use during the May 7 Apple Keynote. Source: Apple

The 11% price spike following the May 8 announcement 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 just doesn’t care,” pseudonymous crypto trader Mister Crypto told their 104,700 X followers on May 9.

In comparison, Bitcoin (BTC) has gained 5.5% over the same seven-day period and is trading at $62,876.

Render has experienced a 40% rise over the past 7 days. Source: CoinMarketCap

Meanwhile, other artificial intelligence (AI) tokens have experienced gains across the board since May 6: Fetch.ai (FET) is up 12.88%, The Graph (GRT) has risen 20.28% and SingularityNET (AGIX) is up 16.18%.

Notably, there is a general sense of “greed” among investors, as indicated by the Crypto Fear and Greed Index — a calculation based on signals that impact the behavior of traders and investors.

As of May 10, the “Greed” score is 66, up 11 points from the day before.

In the coming weeks, traders are set to closely watch AI tokens as Nvidia — one of the biggest producers of graphics processing units — is set to release its first quarter 2024 earnings report on May 22.

Related: Nvidia shares up 15% in 5 days — Will AI crypto tokens follow?

Traders have linked AI token price action to the performance of Nvidia shares in the past.

Most recently, in April, when AI tokens had experienced a slight dip across the board, traders saw it as a buying opportunity ahead of the Nvidia earnings report in May.

“A lot of AI coins looking bottomed out here, should be an exciting few weeks leading into the Nvidia earnings on May 22nd,” crypto trader CryptoGodJohn told their 668,100 X followers on April 27.

Since then, Render has risen by 33%, and Fetch.ai has risen by 6.5%.

As several AI tokens have surged over the past week, Nvidia’s stock reached its 30-day high on May 6, starting the trading week at $921.40, according to Google Finance data.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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