The price of the artificial intelligence-based protocol Render (RNDR) is experiencing a significant surge, marking a notable 23% advance.
This upswing represents a break from the bearish market it has endured for several weeks, considered a significant push to end November on an optimistic note.
At the time of writing this article, according to CoinMarketCap data, the trading price of RNDR is $3.20, signifying a 23.42% increase in the last 24 hours.
This growth also led to a 34.49% increase in the token’s weekly growth, wiping out all accumulated losses and repositioning the coin as a high-performing asset.
On the other hand, its market capitalization also grew just over 25%, standing around $1,191,882,988.
This momentum is supported by a highly increasing trading volume, surging by 236%, reaching $451,303,050.
Render’s recovery reflects resilience and the implementation of initiatives that can sustain growth in the competitive cryptocurrency market in which the protocol operates.
The Reasons Behind the Render Bull Market
The community rallying around Proposal RNP-007 is the apparent cause of the bullish resurgence.
This proposal aims to introduce the FEMDL Innovation, essentially a computing 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.”
Many have voted in favor of the proposal as the approval of this AI allocation would contribute to the promising future, marking it as one of the significant proposals presented by Render.
According to data from Snapshot.org, a total of 33,000 RNDR tokens, representing 91.34%, voted YES to the proposal, while only 3.1K RNDR, or 8.66%, voted against.
We can say that buying RNDR to vote on this proposal is the reason why the token experienced such a significant increase.
Tapping into the true AI market, while Render’s primary business model involves connecting GPU miners with studios that need computing power, the FEDML platform is the protocol’s approach to providing a much-needed solution in an era where millions of people interact with Large Language Model-powered chatbots.
If stakeholders approve this proposal, the protocol will complement its numerous attempts to strengthen its outlook through partnerships and incentive programs.