As a seasoned analyst with years of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the recent price recovery of Render (RENDER). The resilience shown by this token, especially after its steep dive to $4.50 on Sept. 7, is a testament to its potential.
As a researcher focusing on the world of blockchain technology, I’ve noticed an interesting trend with Render, a company specializing in decentralized graphics processing unit (GPU) rendering solutions. Notably, there seems to be a significant price rebound occurring, which appears to be driven by large wallet holders actively amassing the native token.
Among the leading cryptocurrencies in the areas of artificial intelligence and decentralized finance based on market capitalization, the RENDER token stands out. Following a dramatic drop to $4.50 on September 7th, RENDER has demonstrated remarkable strength, regaining support above $6.00.
RENDER price ‘bottomed’
As reported by market and blockchain analytics provider Santiment, Render appears to be rebounding due to significant accumulation by large investors. This follows the artificial intelligence token experiencing a low near $4.60 on September 18, as bears had previously thwarted attempts by bulls to drive prices up around $5.35 within the past week.
During this period, many alternative cryptocurrencies showed substantial price fluctuations. Among them, the Bittensor token (TAO) notably surged in value.
Over the last seven days, Render’s price has climbed by over 33%, largely due to increased whale activity and a bullish sentiment shift. This surge aligns with a notable increase in the value of tokens associated with artificial intelligence technology.
Whales bought the Render dip
In a striking turn of events, recently, whales and sharks found an opportunity amidst market dips to purchase resources at reduced prices. This event, in particular, piqued the interest of analysts from Santiment, who highlighted it in their recent post on platform X.
It appears from on-chain analysis that approximately 902 wallets own 100,000 Render tokens or more. Collectively, these substantial investors manage nearly 91% of the entire token supply.
Over the past eleven weeks, these substantial wallets have amassed approximately 20.5 million Render tokens, with a combined worth exceeding $126.3 million. During this intense accumulation phase, both ‘whales’ and ‘sharks’ collectively increased their possession of Render tokens by roughly 3.7%.
As whales showed optimism towards altcoins by taking a bullish position, it seems that investor wallets experienced a significant drop in holdings. Over the past month, a 21% decrease in investments was observed, with the whales apparently buying up most of these sell-offs. Additionally, retail investors have shown interest by increasing their token purchases by 3.6%.
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2024-09-25 22:25