Render Token (RNDR) has experienced a sharp decline, dropping another 11% today and trading just below the $10 mark. This decline follows a series of large transactions by major holders.
According to on-chain data, Whale 0x4e4 recently deposited an additional 150,000 RNDR, worth approximately $1.57 million, to Binance at a price of $10.44 per token.
Over the past 18 hours, this whale has deposited a total of 400,000 RNDR to Binance across three transactions, with an average price of $10.73, amounting to $4.29 million.
Despite these substantial deposits, the whale still holds 250,528 RNDR, valued at around $2.63 million, and has achieved an estimated total profit of $4.33 million, representing a 168% gain.
After the price rebounded (24H), six whales deposited 7.16M $RNDR ($77.9M) to #Coinbase and #Binance and pocked $60.9M in profit!
Want to know how they did it? Follow @spotonchain and check out their stories under the $RNDR token page on our platform now: https://t.co/ifiroxuBfo pic.twitter.com/qcuF8wm1Nw
— Spot On Chain (@spotonchain) May 16, 2024
More RNDR Token Deposit Into Exchanges To Aware Of
In a related move, an Anchorage Digital affiliated wallet deposited 250,000 RNDR, valued at $2.72 million, to Binance for profit in the past 12 hours.
This wallet initially withdrew 650,528 RNDR, worth $2.59 million, from Binance at a price of $3.98 on January 9. Currently, the wallet holds 400,528 RNDR, valued at $4.26 million, reflecting a profit of $4.4 million and a return on investment (ROI) of 170%.
An #AnchorageDigital related wallet deposited 250K $RNDR($2.72M) to #Binance for profit in the past 12 hours.
This wallet withdrew 650,528 $RNDR($2.59M) from #Binance at $3.98 on Jan 9.
There is currently 400,528 $RNDR($4.26M) left, a profit of $4.4M, and an ROI of 170%.… pic.twitter.com/oX5ry2d9ya
— Lookonchain (@lookonchain) May 16, 2024
These transactions highlight the substantial profits being realized by significant holders of RNDR, contributing to the token’s volatility. The ongoing selling pressure from these large deposits is likely a major factor in the recent price decline.
Render Token’s sharp decline and the active trading by major holders underscore the challenges faced by the token in maintaining its price stability.
As these whales continue to move large quantities of RNDR, the market must absorb the increased supply, which can further impact the token’s price. Investors should remain cautious and monitor these developments closely as the market responds to the substantial movements of RNDR by large holders.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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