“Render’s Whale Transactions Rise to 3rd High of the Month”
Crypto analytics firm Santiment reports that whale transactions have skyrocketed in an Ethereum (ETH)-based altcoin. Accordingly, the rally of the price of this coin may not be over yet. The analytics company explains that Render Token (RNDR), the image-synthesizing ecosystem, has been flooded with whales at high levels. In addition, the number of wallets in this crypto project is increasing day by day.
Render’s whale transactions rose to the third highest level this month, according to Santiment. This shows that. Some investors sell to make a profit. But it also draws attention to this. It didn’t kill the rally in this cryptocurrency when whale movements rose earlier:
We need to be cautious of the fact that whale transactions have spiked to its third highest day in the past month, which often is a sign of some profit taking happening. However, we do see on the previous two $100k+ whale spikes of this size (in red, below), prices actually continued rising.
Santiment states that the key indicator here is the increasing number of addresses. Accordingly, the number of Render Token holders continues to increase and therefore the price of this coin has the potential to rise:
Supporting the theory that this rally isn’t over, look at how the key shark & whale RNDR addresses are continuing to rise in terms of their number of addresses. The tan line, representing wallets holding 1m to 10m RNDR, are particularly increasing rapidly. 90 such addresses is the most in the history of the asset. And if whales were profit taking, these numbers of addresses likely wouldn’t be continuing to rise.
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