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

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 major RNDR holder reduced their position significantly, sparking a decline in the token’s price. According to The Data Nerd, within 24 hours, the Render whale known as 0x1Cb deposited 265,000 RNDR, worth about $2.78 million, to the major crypto exchange, Binance. 

Notably, the report showed that this whale had initially bought 365,000 RNDR at an average price of $9.20 and still retains 100,000 RNDR, worth approximately $1.1 million.

Meanwhile, over the past week, other large holders of RNDR have also capitalized on the crypto’s price rebound. Last week, a report from Spot On Chain showed that six whales collectively deposited 7.16 million RNDR tokens, valued at around $77.9 million, onto exchanges like Coinbase and Binance. 

This move allowed them to secure around $61 million in profits. The profit-taking strategy employed by these investors highlights their response to recent price surges. However, despite the selling pressure from these whales, not all investors are bearish. Some see the potential for future gains, particularly with upcoming events in the technology sector that could influence AI-related tokens like RNDR.

Also Read: XRP Whales Move 283M Coins Amid Price Flux, Is A Bull Run Possible?

Bullish Momentum Ahead?

Looking ahead, many investors are keeping an eye on NVIDIA’s earnings report, scheduled for Wednesday, May 22. Notably, analysts expect strong results due to growing demand for AI chips and technology services. Positive developments in the technology, especially artificial intelligence (AI) space, often spark rallies in AI-related cryptocurrencies, which could boost RNDR’s price.

Render, being a prominent player in the AI coin space, stands to benefit from any positive market sentiment generated by NVIDIA’s performance. This potential for a rally has some investors maintaining a bullish outlook on RNDR, despite the recent profit-taking activities by large holders.

Meanwhile, as of writing, the Render price slipped 4.24% and exchanged hands at $10.04, with its trading volume soaring 46% to $334.69 million. Over the last 24 hours, the crypto has touched a high of $10.63, while hitting a low of $9.65 in the last 24 hours.

Also Read: Binance Unveils New Theme For WOTD Game, BNB Price Soars