It’s a week of the underdogs in the crypto world. AI-powered altcoins and meme coins are having a filled week, even as Bitcoin (BTC) and Ethereum (ETH), the undisputed crypto heavyweights, struggle.
The radar is on two AI-powered altcoins: Render and Worldcoin, which have seen surges in their prices and trading volumes in the past 24 hours. These underdogs 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 those of the big two (ETH and BTC).
Render’s 300% Spike Is A Promise For Content Rendering
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Render Network, the company behind Render token (RNDR), has an impressive resume. Render aims to decentralize rendering, by offering a distributed network of GPUs, which users can tap into and enjoy low-cost, efficient, and top-quality rendering of their digital content.
Investors’ money is one of the litmus tests for gauging the viability of a product, and Render has been catching investors’ eyes. The past 12 months have seen Render gulp in an impressive 300% growth. This growth trajectory could see Render break past its previous all-time high of $13.60.
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$RNDR is listed on several exchanges, and as the native cryptocurrency of the Render Network, it serves as the exchange medium within the Render ecosystem and helps to access rendering services.
Worldcoin’s Surge in Price and Trading Volume
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The price of Worldcoin saw a 5% rise in the past 24 hours, and its trading volume surged to $525 million, more than double what it was.
The name Sam Altman rings a bell. He’s the CEO of OpenAI, the company behind the viral chatbot ChatGPT. Worldcoin is another darling child of Sam, and his reputation has been robbed positively by the token.
Worldcoin as a company is bringing innovation to identity verification; it aims to create a decentralized ID verification system using blockchain technology. The company aims to store, on the blockchain, the user’s iris pattern that it scanned using its Orb scanners.
There have been mixed reactions and controversies concerning privacy, as the security of OpenAI’s database was called into question. This led to Worldcoin operations being halted in Hong Kong.
On May 15, however, Worldcoin made it known that it had moved users’ data to a more secure database and had completely deleted the previous one. The recent surge in the value of the coin seems like an indication that investors’ trust in the project is mounting.
Utility is everything. Coins that are backed by products built to provide innovative solutions will thrive due to the innovation they provide. This is the case with the two altcoins Render and Worldcoin. Despite being new kids on the block, Render’s mission to revolutionize 3-D rendering and Worldcoin’s mission to bring innovation to ID verification is making investors tick. The recent surge in the prices of both coins could be a product of investors’ belief in the solutions the underlying companies are bringing.
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