With a steady uptick in its token burn process, Render Network is turning into a more deflationary asset. In recent months, the platform has significantly increased burns, signaling a strong momentum in reducing the overall supply of $RENDER.

Active Token Burns

In August, Render Network burned 23,406 tokens, valued at approximately $110,000. By September, the number rose to 315,037 tokens, totaling $183,000 in value. 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 token burn activity.

Price Analysis

Despite accelerated token burns, $RENDER is facing bearish pressure. After declining from the $6.80 mark, it's currently trading at $5.24, approaching a key support level of $5.16. Holding this support could lead to a rally, while a failure could indicate further declines.

Conclusion

Render Network’s accelerated burn rate is a positive signal for long-term investors, as it reduces the overall supply of $RENDER, potentially increasing its value over time. While the price is currently in a bearish phase, holding a critical support level could provide momentum for future rallies.

In conclusion, Render Network's increased token burns could drive long-term growth in $RENDER's value, despite current price fluctuations. Investors will keenly watch market developments as deflationary trends continue.