Render

Date: Wed, Oct 09, 2024, 12:10 PM GMTAs of October 9, 2024, Render Network, the decentralized GPU rendering platform, is seeing a significant uptick in its token burn rate. This burn process, which permanently removes tokens from circulation, is turning Render into a more deflationary asset. Over the past two months, the platform has increased its token burns, signaling a strong momentum in reducing the overall supply of $RENDER.In August, Render Network burned 23,406 tokens, valued at approximately $110,000. By September, the number had risen dramatically, with 315,037 tokens burned, totaling $183,000 in value. Now, in the first nine days of October alone, 20,000 $RENDER tokens have already been burned, worth about $112,000. At this pace, October is on track to set a new record for Render&#39;s token burn activity.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/07d57eb1c6934b2cb385919fe98d8fcb.png" />Source: <a href="https://dune.com/kneteknilch/render-network-dashboard-partial-version-04#only-bme-burns-demand-analysi" rel="noopener noreferrer nofollow">Dunes</a><h3 id="price-analysis">Price Analysis</h3>Despite the rapid token burns, the $RENDER token is currently experiencing bearish pressure. After a rejection at the $6.80 mark, the token has declined and is now trading at $5.24, approaching its key support level of $5.16. If the token manages to hold at this support, an upside rally could be on the horizon. However, if the price fails to stay above $5.16, further declines could be expected.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a6ecc4b5e41c404083644a4d0586684e.png" /><h3 id="conclusion">Conclusion</h3>Render Network’s accelerated burn rate is a positive signal for long-term investors, as it reduces the overall supply of $RENDER tokens, potentially increasing their value over time. While the price is currently in a bearish phase, holding near a critical support level, the network’s growing deflationary trend could provide momentum for future price rallies.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making any investment decisions.Also Read: <a href="https://coinsprobe.com/coded-estates-oversubscribed-angel-round-fuels-launch-of-real-estate-hub-on-nibiru-chain/" rel="noopener noreferrer nofollow">Coded Estate’s Oversubscribed Angel Round Fuels Launch of Real Estate Hub on Nibiru Chain.</a>

Render Network’s Burn Rate Accelerates with 20K $RENDER Tokens Burned This Month

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