• 30 May, 2024
Market News

Breaking: Kenetic Capital Makes Bold Move with $20M RNDR Deposit on Binance

Kenetic Capital, a prominent proprietary trading and venture capital firm specializing in digital assets, has made significant moves in the Render (RNDR) token market. As highlighted by Spot On Chain, an analytic platform, the firm deposited approximately $20 million worth of RNDR tokens on Binance, the world’s leading cryptocurrency exchange, just six hours ago.

The firm’s latest deposit of 4.1 million RNDR tokens adds to its substantial transfer of 6.6 million RNDR tokens to a centralized exchange (CEX) on December 24, 2023. This transfer, totaling around $32.5 million, marked a notable shift in Kenetic Capital’s holdings strategy for RNDR.

Kenetic Capital’s involvement with RNDR extends back to its position as the largest institutional holder of the token. Records indicate that between November 2021 and November 2022, the firm acquired 4.8 million RNDR tokens from exchanges such as Binance and HTX at an average price of $3.72 per token. Notably, a portion of these tokens was sold back to Binance at a higher cost of $4.67 per token.

According to data from Lookonchain, a blockchain analysis platform, Kenetic Capital’s maneuvers in the RNDR market have resulted in an estimated total profit of $15.95 million. This substantial profit margin underscores the firm’s adeptness in navigating the volatile cryptocurrency landscape.

RNDR is a modular GPU rendering network based on the Ethereum blockchain that connects artists and studios in search of the necessary GPU computing power with miners who want to rent their GPU capacity on a contract basis. The token’s utility within this network has contributed to its rising prominence and trading volume.

Despite Kenetic Capital’s lucrative ventures with RNDR, other players in the cryptocurrency space have also made notable moves. FTX, a leading cryptocurrency exchange, and its affiliate Alameda recently sold a significant amount of RNDR tokens amidst bankruptcy proceedings, aiming to repay creditors.

Regarding the general market trend, RNDR decoded -2.66% in the last 24 hours and is trading at $4.97. Also, the $1.8 billion market capitalization indicates a growing demand for the underlying technology and its ability to resolve current challenges.

Recent activities of Kenetic Capital in the RNDR market make the relevance of the crypto space more noticeable, where informed strategies may drive massive gains amidst volatile conditions. As institutional players continue to explore opportunities within digital assets, the landscape remains ripe for further innovation and growth.

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