- Render (RENDER) dropped 8% after confusion over Coinbase’s decision to delist the old Ethereum-based RNDR token.
- The newer Solana-based RENDER remains fully supported, and many investors used the dip as a buying opportunity.
The price of Render plummeted 8% in the past 24 hours, falling to $4.50 following confusion sparked by Coinbase’s announcement to delist the Ethereum-based RNDR token. Despite the drop, trading volume has surged over 150% as investors reacted to the news—some with panic, others with opportunistic buying.
The chaos stems from Coinbase’s recent statement that it will delist several outdated tokens, including RNDR, Helium Mobile (MOBILE), Ribbon Finance, and Synapse (SYN) on June 26. According to the platform, these tokens no longer meet listing requirements due to the existence of updated versions. In RNDR’s case, the Ethereum version is being phased out in favor of the newer Solana-based RENDER token.
Also read: Ethereum Bulls Target $3,600 as Flag Breakout and Record Open Interest Drive Momentum
Render Network swiftly responded, reminding users that the migration from Ethereum to Solana was decided via community votes (RNP-002 and RNP-006) and has been underway since November 2023. The team issued clear instructions for token holders to upgrade and reassured that the Solana-based RENDER token remains fully supported on most major exchanges.
Unfortunately, the nuances of the Coinbase delisting created widespread confusion, with many investors mistakenly believing all RNDR tokens were being delisted. As a result, some rushed to sell, amplifying the downward pressure on the token’s price.
One user on social platform X captured the community sentiment, saying, “So funny how many people can’t comprehend what the Coinbase announcement means (ERC-20). RNDR has been migrated to RENDER (Sol), and every exchange except Coinbase migrated ETH to Solana. Buy the FUD.”
While the initial reaction triggered a sell-off, seasoned investors saw the dip as a buying opportunity, citing confidence in Render Network’s long-term vision and the broad adoption of the Solana-based token.
For now, the market watches closely as Render attempts to stabilize. The Coinbase delisting may have caused temporary turbulence—but for those in the know, it’s business as usual.
