- Large whales’ activities redistributed $30.9 million RNDR tokens on Coinbase, causing a 7.05% price dip in 13 hours.
- Multicoin Capital’s involvement in depositing 3.52 million RNDR highlights institutional interest in Render Network.
- Spot On Chain analysis shows a bearish sentiment among whales, with sell volume exceeding buy volume, impacting crypto prices.
Recent activities by several ‘whales’ have sparked attention in a notable shift within the crypto landscape. Approximately 8.13 million Render (RNDR) tokens, valued at $30.9 million, were redistributed among nine whales through Coinbase. This event occurred 13 hours before a 7.05% price dip in RNDR. Consequently, the market witnessed a flurry of transactions, showcasing the impact of significant players on cryptocurrency valuations, as highlighted by Spot On Chain, an analysis platform through their X platform account.
Four of these whales significantly contributed a hefty 8.13 million RNDR to Coinbase, averaging a deposit price of $3.8. Among them, addresses identified as 0x603 and 0xa63, likely controlled by a single entity, deposited 4.61 million RNDR, realizing an estimated profit of $7.68 million. Additionally, addresses 0x68d and 0x9bc, probably linked to Multicoin Capital, deposited 3.52 million RNDR. As a venture capital firm, Multicoin’s involvement underscores the institutional interest in the Render Network.
Moreover, this influx of RNDR to Coinbase was followed by the accumulation of 5.29 million RNDR by five new whales. They acquired these tokens at an average price of $3.81 shortly after the initial deposits. Such transactions highlight the strategic moves by large-scale investors in the volatile crypto market.
The Spot On Chain platform provided a detailed analysis of these transactions. It revealed a pronounced selling pressure, with the total sell volume exceeding the buy volume. This trend might indicate a bearish sentiment among significant players. Furthermore, the average sell price was slightly lower than the purchase price, suggesting a readiness among sellers to accept lower returns.
Additionally, the transaction flow was heavily concentrated on Coinbase deposits, with significant amounts transferred into the exchange. Transaction details reveal movements ranging from 1.057 million to 2.323 million RNDR, translating to millions in USD value.
Besides, two addresses linked to Multicoin Capital indicate the firm’s active participation in these transactions. They deposited substantial RNDR amounts into Coinbase, hinting at potential strategic maneuvers like asset liquidation or trading.
Hence, this event underscores the influence of large entities in the crypto market. The significant consolidation of RNDR tokens into Coinbase accounts could be strategic, serving purposes like trading or asset security. Such movements are crucial for market analysis, offering insights into the behavior of major investors.
Render’s current market price is $3.66, a slight decrease of 0.58% over the last 24 hours. These whale movements affect immediate prices and signal broader market trends and investor sentiments.
