The Movement of Balinas in RNDR Distribution
The crypto currency market continues to rise, led by Bitcoin (BTC), while many altcoins have experienced significant price increases. One of the altcoins that attracts attention with its rises is Render (RNDR). Although the price of the altcoin seems to be recovering at the moment, it dropped by more than 7% before this recovery, and the on-chain data provider Spot On Chain detected that 9 crypto currency whales made significant transactions during this decline.
The Movement of Balinas in RNDR
The on-chain data provider Spot On Chain recently detected that 9 crypto currency whales redistributed approximately 8.13 million RNDR worth 30.9 million dollars among themselves through the US-based crypto currency exchange Coinbase.
Four of these crypto currency whales deposited 8.13 million RNDR (worth 30.9 million dollars) they bought at an average of $3.8 to Coinbase. Among them, the wallet address starting with 0x603… and 0xa63… deposited and sold 4.61 million RNDR (worth 17.5 million dollars) and made an estimated profit of 7.68 million dollars. The wallet addresses starting with 0x68d… and 0x9bc… (estimated to belong to the venture capital company Multicoin Capital) deposited 3.52 million RNDR (worth 13.4 million dollars) to Coinbase. It is known that the venture capital company was one of the investors in Render Network.
Five fresh crypto currency whales purchased 5.29 million RNDR (worth 20.2 million dollars) from Coinbase shortly after the above RNDR sales at an average price of $3.81.
The Price of RNDR Dropped by Over 7% After Distribution
After the redistribution of RNDR among crypto currency whales, there was a significant drop of over 7% in the altcoin. Prior to this drop, the price of the altcoin had increased by over 20% in the last 7 days and over 65% in the last 30 days.
With the current data, RNDR is trading at $3.72 with a 3.27% decrease in the last 24 hours. The data shows that the trading volume of the altcoin has decreased by over 15% in the last 24 hours and is currently at the level of 110.8 million dollars as of the writing of this article.