- Crypto analytics firm Santiment indicates that Render Token (RNDR), an Ethereum-based altcoin, is experiencing a surge in whale transactions and an increase in wallet addresses, suggesting its rally may continue.
- Despite spikes in whale transactions often being an indicator of profit-taking, Santiment notes that previous spikes did not halt Render Token’s rallies and the number of addresses holding the token continues to rise, further supporting the possibility of sustained growth.
Surge in Whale Transactions for Ethereum-Based Altcoin, Render Token
Crypto market intelligence firm Santiment has pointed out a notable uptick in whale transactions for Render Token (RNDR), an Ethereum-based altcoin. The company explains that not only are large-scale transactions on the rise, but also the number of wallet addresses holding the token is increasing. According to Santiment, this data suggests that Render Token’s recent rally could continue.
Spikes in Transactions Not Halting Rally
Santiment reports that whale transactions for Render Token are reaching their third-highest level this month, a sign that some investors might be selling to lock in profits. However, they note that past spikes in whale transactions did not halt the ongoing rallies.
“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 $100,000+ whale spikes of this size (in red, below), prices actually continued rising,”
the firm remarks.
Increasing Number of Addresses Holding Render Token
As another key indicator of a potential sustained rally, Santiment points to the growing number of addresses holding Render Token.
“Supporting the theory that this rally isn’t over, look at how the key shark and whale RNDR addresses are continuing to rise in terms of their number of addresses. The tan line, representing wallets holding one million to 10 million RNDR, is particularly increasing rapidly. Ninety such addresses are 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,”
the firm explains.
Render Token operates within the image-synthesizing ecosystem, connecting people needing graphics processing power with those who have idle Graphics Processing Units (GPUs). As of the time of writing, Render Token trades at $2.65, showing a 2.3% decline in the past 24 hours. Despite this minor setback, the overall indicators suggest a promising outlook for the altcoin, potentially making it a token to keep an eye on in the crypto market.