The Render price rose more than 3% today, while six whales recently made about $61 million in profit, fueling speculation about RNDR’s future path.
Render’s (RNDR) price has risen significantly, with an almost 3% increase today.
Recent reports indicate that whales have amassed a significant profit of $61 million, which is the subject of considerable interest.
Significantly, this surge and profit-seeking approach has sparked debates among cryptocurrency community members, giving rise to conjecture regarding the prospective course of RNDR’s valuation.
Whales Produce Revenue As Render Price Soars
Spot On Chain has recently reported that six whales have taken advantage of Render’s recent price recovery.
Significantly, the whales have generated revenue by depositing 7.16 million RNDR tokens to prominent cryptocurrency exchanges Coinbase and Binance, valued at approximately $77.9 million.
Large investors employ a profit-taking strategy in response to price spikes. This action has enabled them to amass a noteworthy $60.9 million profit through trading Render.
Furthermore, the rapid profit-taking by speculators and the subsequent surge in the supply of RNDR tokens on cryptocurrency exchanges indicate the market’s ever-changing characteristics.
Large proprietors typically employ strategic leverage to capitalize on price fluctuations to optimize their gains during periods of immense asset value.
Although employing this approach may result in transient price variations, it further validates investors’ faith in the expansion prospects of RNDR.
Concerns Over Price Impact
Despite the bullish sentiment surrounding Render, the massive sell-off by whales has raised concerns about its potential impact on the token’s price shortly.
Significant transactions frequently result in heightened volatility, which may momentarily undermine investor sentiment.
However, it is critical to acknowledge that price fluctuations are prevalent in the cryptocurrency market and may not inherently indicate a project’s underlying fundamentals.
Meanwhile, investors and members of the RNDR community will closely observe market developments over the next few days to assess the magnitude of the price repercussions caused by the profit-seeking behavior of the Render whales.
Furthermore, external market dynamics, general market sentiment, and project advancements probably impact the price trajectory of RNDR over the medium to long term.
Meanwhile, as of this writing, the Render price had increased by 2.81% and was trading at $10.22, with a 24-hour high of $11.12.
In addition to the considerable transfers, the cryptocurrency’s one-day trading volume increased by 68.30% to $682.08 million.
Notably, the price of RNDR has increased by over 24.50% in the past 30 days and skyrocketed by over 45% in the past year.
According to data from CoinGlass, the Render Futures Open Interest (OI) increased by 8.59% to $177.92 million at the time of writing.
