Altcoins

Cryptocurrency Market Recovery: Altcoins Witness Soaring Gains from Render (RNDR) and Worldcoin (WRD)

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It’s an underdog week in the cryptocurrency world. Altcoins and AI-powered meme coins are having a busy week, even as Bitcoin (BTC) and Ethereum (ETH), the undisputed cryptocurrency heavyweights, struggle.

The radar is on two AI-based altcoins: Render and Worldcoin, which have seen increases in prices and trading volumes in the last 24 hours. These losers are proving that utility is everything, once a coin has utility, it will undoubtedly attract investors’ money and its growth will not be tied to that of the big two (ETH and BTC).

The 300% peak rendering is a promise for content rendering

Image credit: Ksantini | medium

Render Network, the company behind the Render (RNDR) token, has an impressive track record. Render aims to decentralize rendering, offering a distributed network of GPUs, which users can tap into and enjoy low-cost, efficient, high-quality rendering of their digital content.

Investor money is one of the ultimate tests of a product’s viability, and Render has caught investors’ attention. The last 12 months have seen Render record an impressive 300% growth. This growth trajectory could see Render surpass its previous all-time high of $13.60.

Image credit: Coingecko

$RNDR is listed on several exchanges and, being the native cryptocurrency of the Render network, serves as a medium of exchange within the Render ecosystem and helps access rendering services.

Increase in Worldcoin price and trading volume

Image credit: World currency

Worldcoin price recorded a 5% increase in the last 24 hours and its trading volume rose to $525 million, more than double the previous one.

The name Sam Altman sounds familiar to me. He is the CEO of OpenAI, the company behind the viral chatbot ChatGPT. Worldcoin is another dear son of Sam, and his reputation has been positively robbed by the token.

Worldcoin as a company is bringing innovation in identity verification; aims to create a decentralized identity verification system using blockchain technology. The company aims to store, on the blockchain, the user’s iris pattern that it has scanned using its Orb scanners.

There have been mixed reactions and controversies over privacy, as the security of OpenAI’s database has been called into question. This led to the disruption of Worldcoin operations in Hong Kong.

On May 15, however, Worldcoin announced that it had moved user data to a more secure database and completely deleted the previous one. The recent surge in the value of the currency seems to indicate that investor confidence in the project is increasing.

Utility is everything. Coins backed by products made to provide innovative solutions will thrive because of the innovation they provide. This is the case of the two altcoins Render and Worldcoin. Despite being newcomers, Render’s mission to revolutionize 3D rendering and Worldcoin’s mission to bring innovation to identity verification are energizing investors. The recent increase in prices of both coins could be the product of investor confidence in the solutions that the underlying companies are bringing.

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Disclaimer: This is a paid version. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of the information available in such content. Do your research and invest at your own risk.

Image credit: Traxer | Unsplash

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