A crypto whale has carried out a significant transaction that has caught the attention of investors in the market, moving almost $3 million worth of RNDR tokens to a centralized exchange. The transaction which has raised speculations among enthusiasts has impacted the price of the coin, making it drop by over 3%. In recent weeks, the Render (RNDR) token saw notable gains which were followed by some profit-taking moves by investors.
$3 Million RNDR Token Transferred to Binance
Amid the slight crypto market rally over the past week, a large investor has shifted a massive amount of the AI token Render (RNDR) to the top crypto exchange Binance. According to data from OKlink, a comprehensive blockchain intelligence platform, the whale moved exactly 265k RNDR, valued at $2.78 million at the time of the transfer, to the major exchange.
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Furthermore, the data revealed that this whale had previously acquired 365,000 RNDR tokens at an average price of $9.20. After moving the aforementioned amount, the whale is still left with about 100k RNDR, worth about $1.1 million. Speculations abound about the purpose of this transfer as a major move to a CEX might indicate a sell-off.
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Meanwhile, this is not the only significant transaction involving RNDR recorded over the week. According to a report from Spot On Chain, last week, other large holders of RNDR have ceased the advantage of an upward price movement to accumulate a substantial amount of the token. Notably, six whales collectively moved 7.16 million RNDR tokens to the U.S.-based Coinbase exchange. The total value of coins moved was approximately $77.9 million. Consequently, these whales were able to make profits of about $61 million
The profit-taking moves by these investors have triggered a wave of bearish movement for RNDR, however, the majority of the investors are still bearish on the future of the token. Upcoming artificial intelligence-related events and increased AI adoption could propel the price of the token to greater heights soon.
RNDR Price Movements Today
In the meantime, fresh data from CoinMarketCap show that the price of RNDR today is $10.17. This represents a 0.72% decrease at the time of writing. Its 24-hour trading range is between $9.87 – $10.34. Furthermore, the trading volume of RNDR over the last day has surged by over 10% to $300.1 million with a live market cap of $3.9 billion. As a result, RNDR is the 27th-largest cryptocurrency on the global crypto market chart.
Source: CoinMarketCap
Render (RNDR) reached an all-time high on March 17 when its price touched $13.53. This represents a 25% decline from today’s price. Ultimately, the long-term price movement of the RNDR token will be affected by several factors including the general adoption of AI and the global crypto market sentiment.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.