Crypto analytics firm Santiment reports soaring whale transactions for Render Token (RNDR), indicating potential profit-taking, but also notes that an increasing number of wallet addresses holding RNDR could support continued price increases.
Cryptocurrency analytics company Santiment reveals whale transactions are soaring for one Ethereum (ETH) crypto altcoin, and its rally may not be over.
The market intelligence company says that the image-synthesizing ecological system Render Crypto Token (RNDR) is experiencing both high whale transactions and an boost in the number of wallet addresses.
Reports by Santiment, whale transactions for Render are spiking to their third-highest level these 30 days, which signifies some investors are selling for profits.
Nonetheless, they say that prior spikes in whale transactions did not result in killing the ongoing rallies at the time.
“ We must to be cautious of the fact that whale transactions have spiked to its third highest day in the past 30 days, which often is a sign of some profit taking happening. Nonetheless, we do see on the previous two $100,000+ whale spikes of this size (in red, below), prices essentially continued rising.”