Render Network (RENDER)
Decentralized GPU rendering marketplace correlated with the AI hype cycle. Real utility but valuation stretched vs actual render job revenue.
Ranked 51st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
RENDER scores 127 of 250 across the 25-variable framework, which places it 51st of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
RENDER is a top-10 name in the set on one variable. The score rests on Holder Concentration 5/10, 10th of 251, Social Mindshare 7/10, 11th of 251, Vesting Schedule 8/10, 21st of 251 and Supply Inflation 7/10, 26th of 251.
Against the same universe, RENDER sits in the bottom third on Real Staking Yield 1/10, 226th of 251, BTC Alpha Potential 2/10, 200th of 251 and P/S Multiple 3/10, 182nd of 251. These are the variables that would have to move for the verdict to change.
Only 80.5% of RENDER's maximum supply is in circulation, so 1.24x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 19.5% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
RENDER trades 90.1% below its all-time high of $13.53. Recovering that level is a 10.1x move, not a 90.1% one, which is the arithmetic most drawdown charts hide.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 7 | 26th of 251 | |
| Vesting Schedule | 8 | 21st of 251 | |
| Circulating / FDV Ratio | 8 | 27th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 6 | 26th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 6 | 32nd of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 7 | 11th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 6 | 29th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
AI inference demand for GPU compute; Solana migration reducing fees and increasing throughput
Principal risk
Actual render network revenue tiny vs market cap; heavy dependence on AI narrative; centralized competitors cheaper
Market and supply
| Price | $1.34 |
| Market cap | $694.4Mrank 84 |
| All-time high | $13.5317 Mar 2024 |
| Circulating supply | 518,772,101 |
| Eventual supply (max supply) | 644,245,094 |
| Dilution to full supply | 1.24x |
| Listed on | Binance, Coinbase, OKX, Bybit |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to RENDER measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Render Foundation] Render Network migrated from Ethereum to Solana in late 2023
- [Messari] AI GPU compute demand driving DePIN narrative across crypto markets
- [Render Dashboard] Render Network processes over 1M rendering jobs monthly
Common questions
- What is the Early Thunder score for Render Network (RENDER)?
- RENDER scores 127 out of 250 on the 25-variable framework, ranking 51st of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are RENDER's strongest fundamentals?
- RENDER ranks highest on Holder Concentration 5/10, 10th of 251, Social Mindshare 7/10, 11th of 251, Vesting Schedule 8/10, 21st of 251 and Supply Inflation 7/10, 26th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the RENDER thesis?
- RENDER scores in the bottom third of the universe on Real Staking Yield 1/10, 226th of 251, BTC Alpha Potential 2/10, 200th of 251 and P/S Multiple 3/10, 182nd of 251. The single risk carried on the scorecard is: Actual render network revenue tiny vs market cap; heavy dependence on AI narrative; centralized competitors cheaper
- How much RENDER supply is still to enter circulation?
- 80.5% of eventual RENDER supply is circulating today, leaving 1.24x the current float still to arrive. At a flat price per token that is 19.5% of fully diluted value ahead of current holders.
- How far is RENDER from its all-time high?
- RENDER trades 90.1% below its all-time high of $13.53. Returning to that high requires a 10.1x move from the level used in this scoring pass.
- Which tokens have a similar profile to RENDER?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to RENDER are PENGU (104), FET (109), BTC (183) and GTC (106). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for RENDER?
- AI inference demand for GPU compute; Solana migration reducing fees and increasing throughput
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.