Render (RENDER) Soars 23% as Large Investors Fuel the Rally
Render (RENDER) Surges 23% Amidst Whale Accumulation
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The cryptocurrency market has been on an upward trend recently, and Render (RENDER) has emerged as a standout performer among altcoins. While Bitcoin (BTC) and Ethereum (ETH) have seen modest weekly gains of around 3% and 9%, respectively, Render has skyrocketed by an impressive 23%.
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This surge has propelled Render’s price to the brink of $6.50, a level not seen in four weeks. The asset’s market capitalization has climbed to $3.3 billion, placing it at the 29th spot on the top cryptocurrency rankings. Render is now hot on the heels of Pepe (PEPE), currently the 28th largest cryptocurrency with a market cap of approximately $3.9 billion. However, considering the 18% valuation gap, overtaking Pepe might be a challenging task, especially as PEPE tends to experience significant price appreciation during market uptrends.
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On-chain data provides valuable insights into the driving forces behind Render’s recent surge. Analysis by Santiment, a renowned on-chain analytics firm, reveals a pattern of consistent accumulation by Render sharks and whales over the past eleven weeks.
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Whale Activity Fuels the Rally
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The key indicator here is ‘Supply Distribution,’ which tracks the amount of supply held by different wallet groups on the network. Of particular interest is the cohort comprising addresses holding at least 100,000 tokens. At the current price, this threshold translates to just under $650,000, signifying significant holdings. This group represents the large hands of the market, commonly known as sharks and whales.
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The chart provided by Santiment clearly illustrates a notable increase in supply held by Render sharks and whales over the past eleven weeks. These investors have added 20.54 million tokens to their wallets, representing 3.7% of the total supply.
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This consistent buying spree from large investors has continued throughout the recent price surge, suggesting a direct correlation between their accumulation and the upward momentum of Render.
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The combination of positive market sentiment and significant accumulation by whales has propelled Render (RENDER) to new heights. As the cryptocurrency market continues its upward trajectory, Render’s performance is likely to attract further attention from investors seeking exposure to high-growth altcoins. It remains to be seen how long the rally will last and whether Render can maintain its momentum against the backdrop of a rapidly evolving cryptocurrency landscape.