Render Price Slips As Whale Offloads $3M RNDR, What’s Next?

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As a researcher with a background in cryptocurrency markets and whale transactions, I find the recent selling activity by a major RNDR holder intriguing. The 4% price drop following the sale of $3M worth of RNDR tokens is noteworthy, but it’s essential to consider the broader context of the market and upcoming events that could impact this crypto.

The price of Render (RNDR) dropped by more than 4% today as a major investor, or “whale,” sold off a significant portion of their holdings. Despite this profit-taking move, which followed notable gains for RNDR in recent weeks, some market analysts remain optimistic about the token’s future. So, let’s take a quick tour of the recent transactions and see how the recent events may trigger a price rally of the cryptos.

Whale Sells $3M RNDR, Market Reacts

A prominent RNDR token holder drastically cut down their holdings, leading to a drop in the token’s value. As reported by The Data Nerd, within a day, the Render behemoth with the address 0x1Cb transferred 265,000 RNDR, equivalent to approximately $2.78 million, to Binance.

Significantly, the report revealed that this whale originally purchased 365,000 RNDR tokens for an average cost of $9.20 each, and currently holds a balance of around 100,000 RNDR tokens, valued at approximately $1.1 million.

Over the past week, I’ve observed that other significant investors in RNAND (RNDR) have taken advantage of the cryptocurrency’s price recovery. According to a recent report by Spot On Chain, six prominent investors deposited approximately 7.16 million RNDR tokens, equivalent to around $77.9 million, into exchanges such as Coinbase and Binance.

As a researcher studying investment strategies, I’ve observed that by executing this maneuver, investors were able to pocket approximately $61 million in profits. The profit-taking approach adopted by these investors underscores their reaction to the recent price escalations. However, it’s important to note that not every investor shares this bearish sentiment. Some believe in the potential for further profits, particularly given upcoming events in the technology sector that could significantly impact AI-related tokens such as RNDR.

Bullish Momentum Ahead?

Moving forward, numerous investors are closely monitoring NVIDIA’s upcoming earnings release on May 22. Analysts are projecting robust financial performance from the tech company, driven by surging interest in AI chips and technology solutions. Favorable advancements within the technology sector, particularly in artificial intelligence (AI), have historically fueled price increases in related cryptocurrencies such as RNDR.

As an active investor in RNDR, the AI coin associated with Render, I’m eagerly watching NVIDIA’s performance. Any positive market sentiment generated by this tech giant could potentially boost RNDR’s value, making it an attractive investment for many of us. Even amid recent profit-taking activities from large holders, some investors remain optimistic about the long-term potential of RNDR.

At present, I’m penning this down with Render experiencing a 4.24% decline in value and being traded at $10.04. The asset’s trading activity saw a significant surge of 46%, amounting to $334.69 million. Within the last 24 hours, the crypto reached a peak price of $10.63, while its lowest point was recorded at $9.65.

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2024-05-20 12:07