Render Token Skyrockets 63% in 12 Days Amid Whale Transactions and Market Surge

Render Token (RNDR) has experienced a significant price rally, with its price increasing by 63% over the past 12 days. Increased trading activity and on-chain transaction volume have accompanied this price surge. RNDR currently ranks as the 45th largest asset by market capitalization in the cryptocurrency market.

Despite the positive momentum, caution is advised as whale transactions, large transactions typically made by influential investors, have spiked to their third-highest day in the past month. Such spikes often indicate profit-taking activity. However, it’s worth noting that in the previous two instances where whale transactions of this magnitude occurred, prices actually continued to rise, suggesting that the rally might not be over.

Notably, RenderToken’s recent meteoric surge in the cryptocurrency market has propelled it to claim the coveted 45th position in terms of market capitalization within just 12 days, with a price rally of over 63%. Read more:

Another noteworthy trend is the increasing number of addresses associated with key shark and whale RNDR holders. Particularly, the number of addresses holding between 1 million and 10 million RNDR has been rapidly growing, reaching a record high of 90 addresses. This suggests that significant holders are still accumulating the token, which contradicts the notion of widespread profit-taking.

It is important to be mindful of the trading sentiment surrounding RNDR as well. The social dominance of RNDR in discussions related to the top 100 market cap assets has risen to 0.4%. While this may seem relatively low, considering its usual resting state of 0.1%, it indicates a notable increase in crowd discovery. This heightened attention could potentially lead to a short-term price peak.