Recent reports from Spot On Chain, a leading on-chain data provider, indicate that Render Network’s RNDR tokens have experienced significant movement involving millions of dollars. The Render Network, ranking third within the AI altcoin category, has seen transactions that include transferring tokens to unknown wallets and major exchanges. Notably, a substantial amount of these tokens was moved to Binance, the world’s largest cryptocurrency exchange.
Massive Transfer of RNDR Tokens to Binance
According to the data compiled by Spot On Chain, about 9 hours ago, approximately 2.5 million RNDR tokens, worth around $20.8 million, were sent to a new wallet. Following this, within a span of 5 hours, a significant chunk of these tokens, around 1.65 million valued at $13.4 million, were further transferred to Binance. This large deposit transaction has garnered attention from the altcoin community and triggered concerns among investors about potential market impacts.
Unlocking of RNDR Tokens
In conjunction with the transfers, Render Network is set to unlock about 761 thousand RNDR tokens today, making up about 0.2% of its circulating supply. These tokens, valued at approximately $6.33 million, will be released into the market, possibly influencing the altcoin’s price dynamics, especially in a bearish cryptocurrency market context.
Points to take into account
- Approximately 1.65 million RNDR tokens transferred to Binance could impact the token’s market price.
- The unlocking of 761 thousand RNDR tokens might increase selling pressure, affecting price stability.
- Market trends, especially the current downward trend led by Bitcoin, could intensify the selling pressure on RNDR.
The recent activities involving RNDR tokens highlight the volatile nature of the cryptocurrency market. Current trading data shows that RNDR is priced at $7.98, marking a decrease of 6.14% over the past 24 hours. Over the past week and month, the token has seen a decline of 13.84% and 24.70% respectively. Investors and market watchers are closely monitoring these developments, which could dictate short-term market behavior and influence investment strategies.