RENDER price drops 8% on Coinbase delisting FUD

RENDER price dropped 8% as FUD spread following Coinbase’s announcement to delist the old Ethereum-based RNDR token—even though the newer Solana-based RENDER remains fully supported.

Render (RENDER) price declined 8% in the past 24 hours, currently trading at $4.50 as the trading volume is surging over 150%. The drop appears to be caused by confusion surrounding the May 27 Coinbase announcement about the delisting of the RNDR token. However, the delisting affects the older Ethereum-based version of Render (RNDR), not the newer Solana-based RENDER.

Coinbase announced it will suspend trading for RNDR alongside Helium Mobile (MOBILE), Ribbon Finance (RBN), and Synapse (SYN) on June 26. The reason cited was that these older tokens no longer meet listing standards due to the availability of updated versions.

Following the delisting announcement, Render Network issued a reminder that users should upgrade to the Solana-based RENDER token, outlining instructions on how to do so. Nevertheless, many investors rushed to sell their RENDER tokens due to a misunderstanding about what was being removed.

According to the official source, the Render Network began migrating from Ethereum (RNDR) to Solana (RENDER) in November 2023 after community votes (RNP-002, RNP-006). Most major exchanges auto-upgraded user holdings a while ago, but Coinbase lagged behind, leading to the recent confusion.

As sell pressure mounted due to the FUD, many were grateful for the opportunity to buy the dip. One user encapsulated the sentiment sharply, stating:

“So funny how many retards on X 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. Idiots I swear.”