Render price hits new all-time high, RNDR rally undeterred by $31.65 million in profit taking

Render Network (RNDR) hit a new all-time high on Thursday, with the RNDR price climbing to $10.30 on Binance. The AI token narrative has made a comeback with NVIDIA’s upcoming AI conference and Elon Musk’s lawsuit against Sam Altman. 

Also read: Render price, like Fetch.ai, could double its gains amid capital inflow from oncoming AI conference

Render price rallies amidst AI narratives

Render Network’s price climbed to $10.30 on March 7. The AI token has observed a massive surge in its price on Thursday as market participants’ demand for RNDR increased. 

According to on-chain data from crypto intelligence tracker Santiment, RNDR has noted a spike in Active Addresses and count of whale transactions valued at $100,000 and higher. These metrics indicate the asset’s relevance and its demand among traders. 

RNDR Active Addresses and Whale Transaction Count. Source: Santiment 

At the same time, Render holders have booked $31.65 million in profits since the beginning of March 2024, according to Network Realized Profit and Loss metric from Santiment.

Network Realized Profit/Loss. Source: Santiment

According to Santiment data, RNDR’s social dominance has hit a six-month peak alongside its all-time high, supporting a bullish thesis and the likelihood of further gains in the token. RNDR price is $9.739 at the time of writing, with the token’s market capitalization crossing $3.6 billion on Thursday.