The Surge of Render (RNDR) Token
If you’ve been keeping an eye on crypto assets, you may have noticed that the native utility token of Render Network, RNDR, has experienced a significant surge. In the past 24 hours, its price has shot up by a whopping 40%, reaching $3.17 at the time of writing. This surge has propelled RNDR to become the top gainer among the top 100 crypto assets, with a market cap of $1.17 billion, making it the 51st largest cryptocurrency. The trading volume also skyrocketed by 353%, reaching $367 million.
According to data from Santiment, Render’s social volume saw a 131% surge over the past day, accompanied by a significant increase in whale activity. Whale transactions consisting of at least $100,000 worth of RNDR tokens surged by 146% in the past 24 hours — rising from 42 to 103 transactions per day.
Implications of Whale Activity Surge
When whale activity surges for a token, it often indicates increased volatility as big players can manipulate the market. Before this surge, RNDR’s total open interest (OI) experienced a small hike from $27 million on Nov. 14 to $30 million on Nov. 15 according to Santiment.
Hot Take: The Impact of RNDR’s Surge
The surge in RNDR’s price and trading volume indicates significant interest and investment in this cryptocurrency. However, the sudden increase in whale activity and total open interest raises concerns about potential market manipulation and increased volatility. It will be crucial to monitor further price movements to determine whether short or long position holders are dominant in shaping RNDR’s future trajectory.
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