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Cryptocurrency News Articles
$52 Million in Render Tokens on the Move as RNDR Gears Up for 30%+ Price Rally
May 23, 2024 at 03:56 pm
Render Network (RNDR), a prominent player in the AI sector, has been the subject of notable whale activity and bullish sentiment among analysts and investors.
Cryptocurrency market analysis firm Santiment has highlighted a large transaction of Render (RNDR) tokens, as a “whale” sent a total of 4.89 million RNDR, valued at over $52.1 million, to an unknown wallet.
The transaction was flagged by Santiment earlier today, March 8, with the firm’s analysis platform showing the tokens being sent from a known whale wallet to an unidentified address, as prices corrected.
Santiment noted that the transaction was among the largest token movements over the last 24 hours, and highlighted the potential for increased volatility in the coming days.
“[…] Those holding this asset should watch for increased volatility,” the market analysis firm noted.
Large transactions by whales can often lead to price movements, as these influential players have the power to move markets with their substantial holdings.
The transaction comes amid a period of relative calm for RNDR, which has seen minimal price movements over the last seven days. At the time of writing, RNDR is trading at a price of $13.06, having seen a slight decrease of 0.24% over the last 24 hours.
However, the token has seen a strong rally over the last 30 days, with a total increase of 33.04% in this period. This brings the token’s price up from $9.82 at the beginning of March.
Related: Top Analyst Uses Unique Model to Predict Ripple’s XRP Could Reach $66: Here’s His Outlook
The Render Network, powered by the RNDR token, is a decentralized GPU rendering network that aims to provide efficient, cost-effective and scalable rendering solutions. The platform connects artists, studios and other users with available rendering capacities.
The network saw a large surge in activity during the height of the nonfungible token (NFT) boom, as users flocked to the platform to quickly and efficiently render high-quality images for their digital collectibles.
With the Generative AI trend continuing to gain steam, and more use cases emerging for AI-powered rendering, Render Network is expected to continue to grow in 2024.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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