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Render (RNDR) saw a significant rally of over 3% today, with six whales bagging $61 million in profits, igniting debate about the cryptocurrency's future trajectory.
Whales Profit $61M Amid Render (RNDR) Price Surge, Sparking Crypto Market Debate
According to recent sources (via CoinGape), what is attracting notice is the substantial profit made by whales, which is estimated to be $61 million. Notably, this spike and profit-taking technique has sparked debate in the crypto world, sparking conjecture about the future path of the RNDR price
According to a recent Spot On Chain report, six whales have taken advantage of Render's recent price rise. Notably, the whales profited by depositing 7.16 million RNDR tokens, worth around $77.9 million, on prominent cryptocurrency exchanges Coinbase and Binance.
Meanwhile, they made a remarkable $60.9 million profit by trading Render, demonstrating the profit-taking approach used by huge investors in response to price increases.
Furthermore, the flood of RNDR tokens onto crypto exchanges and the following profit-taking by whales demonstrate the cryptocurrency market's dynamic nature. Significant holders typically leverage price swings to maximize gains when an asset's price rises.
While this technique may result in short-term price volatility, it also demonstrates investors' faith in RNDR's potential for growth.
Whale Sell-Off Sparks Volatility in Render (RNDR) Despite Bullish Sentiment, Investor Concerns Grow
Despite the bullish feeling around Render, the significant sell-off by whales has sparked doubts about the token's future price. Such substantial transactions frequently cause heightened volatility and may briefly impair investor sentiment.
However, it is critical to understand that price changes are expected in the cryptocurrency market and do not always reflect the project's core fundamentals. Meanwhile, the RNDR community and investors will be keenly monitoring market movements in the following days to see the amount of the price impact caused by the Render whales' profit-taking behavior.
Furthermore, factors such as overall market attitude, project advancements, and foreign market dynamics are anticipated to influence RNDR's price trajectory in the medium to long run.
Meanwhile, as of writing, the Render price had risen 2.81% and was trading at $10.22, reaching a high of $11.12 in the previous 24 hours. The cryptocurrency's one-day trading volume increased by 68.30% to $682.08 million during the large transfers.
Notably, the RNDR price has increased by more than 24.50% in the last 30 days and more than 450% in the previous year. According to CoinGlass statistics, the Render Futures Open Interest (OI) increased 8.59% during the writing period to $177.92 million.
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