Kenetic Capital Transfers Almost 1 Million RNDR Tokens to Binance
Kinetic Capital, a major institutional holder of Render project tokens, recently transferred nearly 1 million RNDR tokens to the cryptocurrency exchange Binance. The transfer, valued at around $4.5 million, took place on February 4th, according to Etherscan.
Kenetic Capital’s Recent RNDR Transfers
Over the past 42 days, Kenetic Capital has transferred a total of 2.5 million RNDR tokens to Binance, equivalent to approximately $11.25 million. Currently, Kenetic Capital holds 4.1 million RNDR tokens.
RNDR Token Rate Reacts with a Drop
Following the transfer of RNDR tokens to Binance, the token rate experienced a 5.3% drop within 24 hours. This made it the top loser of the day on CoinMarketCap. However, the price of RNDR later recovered to around $4.50.
Increase in Trading Volumes
Despite the drop in token rate, RNDR trading volumes saw a significant increase of 33% over the past 24 hours, reaching $140 million.
About Render Token
Render Token serves as a network that connects users in need of rendering their work with idle GPU resources to enhance and expedite the rendering process. It operates through a decentralized system for tracking and managing rendering jobs at scale.
Listings on Major Exchanges
Last week, Coinbase announced its plan to list Render on its platform. Additionally, Binance and Crypto.com have also revealed their intentions to list RNDR on their exchanges.
Hot Take: RNDR Transfers and Token Rate Drop
Kenetic Capital’s recent transfer of almost 1 million RNDR tokens to Binance has caused a 5.3% drop in the token rate within 24 hours. Despite this, RNDR trading volumes have surged, indicating continued interest and activity in the token. As Render gains listings on major exchanges like Coinbase, its visibility and potential for growth in the rendering industry are expanding. Investors will be closely monitoring how these developments impact the future trajectory of RNDR.
By
By
By
By
