The price of Render (RNDR) fell by more than 4% today as a prominent investor, or “whale,” sold off a significant amount of their holdings. Despite this profit-taking action after RNDR experienced substantial increases recently, several market observers remain bullish on the token’s future. Let’s briefly examine the recent transactions and see how they may have triggered a cryptocurrency price increase.
Whale sells $3 million RNDR; market reacts
A large RNDR holder drastically cut their holdings, causing the token’s price to drop. According to The Data Nerd, within 24 hours, the Render whale known as 0x1Cb deposited 265,000 RNDR, worth around $2.78 million, to Binance, a major cryptocurrency exchange.
Notably, the research revealed that this whale purchased 365,000 RNDR at an average price of $9.20 and still holds 100,000 RNDR, worth nearly $1.1 million.
Meanwhile, other significant RNDR holders have profited from the cryptocurrency’s price recovery throughout the last week. According to a study published by Spot On Chain last week, six whales together deposited 7.16 million RNDR tokens worth around $77.9 million on exchanges such as Coinbase and Binance.
This decision enabled them to earn approximately $61 million. The profit-taking technique these investors use reflects their reaction to recent price increases. However, not all investors are adverse despite the whales’ selling pressure. Some see opportunities for future profits, particularly with upcoming technology events that may influence AI-related tokens such as RNDR.
Bullish Momentum Ahead?
Many investors are anticipating NVIDIA’s earnings release on Wednesday, May 22. Analysts predict solid earnings due to rising demand for AI chips and technological services. Positive technological advancements, particularly in the artificial intelligence (AI) field, frequently trigger rallies in AI-related cryptocurrencies, potentially increasing the price of RNDR.
As a significant player in the AI coin field, Render will profit from any favourable market sentiment caused by NVIDIA’s performance. Despite recent profit-taking by significant holders, several investors remain optimistic about RNDR’s possible recovery.
Meanwhile, as of this writing, the Render price had fallen 4.24% to $10.04, with trading volume up 46% to $334.69 million. The cryptocurrency reached a high of $10.63 and a low of $9.65 in the last 24 hours.
