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RENDER price dropped 8% following concerns sparked by Coinbase’s announcement to delist the older Ethereum-based RNDR token. The newer Solana-based RENDER token remains unaffected, but the confusion caused a sell-off among investors, highlighting the importance of understanding token migrations.

RENDER Price Plummets Amid Delisting News

Over the past 24 hours, the price of RENDER has fallen by 8%, currently trading at $4.50. This decline occurred as trading volume surged by over 150%, indicating heightened market activity. The drop is largely attributed to confusion surrounding Coinbase’s May 27 announcement to delist RNDR. However, it’s important to clarify that this decision applies only to the older Ethereum-based RNDR token, not the upgraded Solana-based RENDER token.

Why Is Coinbase Delisting RNDR?

Coinbase announced that it would suspend trading for RNDR, along with Helium Mobile (MOBILE), Ribbon Finance (RBN), and Synapse (SYN), effective June 26. The platform explained that these tokens no longer meet its listing criteria due to the release of updated versions. Specifically, RNDR users are encouraged to migrate to the Solana-based RENDER token.

The Render Network transitioned from Ethereum to Solana starting in November 2023, following community votes (RNP-002 and RNP-006). While most major exchanges automatically upgraded user holdings to the new token, Coinbase’s delayed action led to confusion among investors.

Investor Misunderstanding Sparks Market Reaction

After Coinbase’s announcement, many investors mistakenly believed that the RENDER token itself was being delisted. This misunderstanding triggered a wave of selling pressure, causing the price to drop. In response, the Render Network issued reminders urging users to upgrade from RNDR (ERC-20) to RENDER (Solana SPL) and provided step-by-step instructions for the migration process.

How to Upgrade from RNDR to RENDER

For users still holding the older Ethereum-based RNDR token, upgrading to the Solana-based RENDER token is straightforward. The Render Network has provided clear guidelines to ensure a smooth transition. Key steps include:

  • Visit the official Render Network upgrade portal.
  • Connect your wallet containing RNDR tokens.
  • Follow on-screen instructions to complete the migration to RENDER tokens.

Upgrading ensures compatibility with the Solana network and access to future developments within the Render ecosystem.

Market Sentiment: A Buying Opportunity?

While the announcement caused panic selling among some investors, others saw it as an opportunity to “buy the dip.” Experienced traders often view market reactions to fear, uncertainty, and doubt (FUD) as chances to accumulate assets at discounted prices. As one investor noted:

“RNDR has already migrated to RENDER (Solana), and most exchanges have completed the transition. The panic selling is unwarranted. This is a great opportunity to buy.”

Final Thoughts

The recent price drop highlights the importance of staying informed about token migrations and platform updates. Investors should carefully review official announcements and understand how changes may affect their holdings. For those interested in RENDER, the token’s migration to Solana aligns with the network’s long-term goals of scalability and efficiency.

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