Render (RNDR) Dominates AI Crypto Market Amid Nvidia’s Record Earnings
The post Render (RNDR) Dominates AI Crypto Market Amid Nvidia’s Record Earnings appeared first on Coinpedia Fintech News
On Wednesday, Nvidia Corp. (NASDAQ: CORP), a leading global supplier of artificial intelligence (AI) software and hardware products, reported its revenue for the first quarter that ended on April 28 for the fiscal year 2025. According to the announcement, Nvidia registered revenue of $26 billion during the first quarter, up 18 percent from the prior quarter and 256 percent year over year.
The company’s data center registered a revenue increase of $22.6 billion, up 23 percent from the prior quarter and over 420 percent year over year. Ultimately, the company raised its quarterly cash dividend by 150 percent to $0.01 per share after the ten-for-one stock split.
As a result, NVDA stock gained over 6 percent on Wednesday’s after-hours session to trade around $1,007. Remarkably, NVDA stock has rallied over 91 percent year-to-date.
AI Crypto Projects Follow Nvidia in Tandem
In the past few quarters, AI crypto projects have significantly benefited from the impressive growth performance of the Nvidia stock market. According to the latest market data, the AI crypto industry has a market cap of about $35.4 billion and a daily average traded volume of around $2.2 billion.
Some of the top AI-focused crypto projects include Fetch.ai (FET), Render (RNDR), The Graph (GRT), Bittensor (TAO), and SingularityNET (AGIX), among others.
— Santiment (@santimentfeed) May 23, 2024
Whale activity has been high among the #AI sector, and #Render has been no exception. A known whale sent 4.89M $RNDR (worth $52.1M) to an unknown wallet earlier today as prices corrected. Those holding this asset should watch for increased volatility. https://t.co/AIKq9INw1M pic.twitter.com/EG1Rd1HhcA
According to market intelligence platform Santiment, whale activity in the AI-crypto sectors experienced a sharp uptick led by Render (RNDR). Specifically, a known RNDR whale sent 4.89 million units worth more than $52 million to an unknown wallet address.
As a result, RNDR’s daily traded average volume spiked by over 107 percent to around $836 million on Thursday during the early Asia session.
