Cryptocurrency analytics company Santiment reveals whale transactions are soaring for one Ethereumย (ETH) cryptoย altcoin, and its rally may not be over.
The market intelligence company says that the image-synthesizing ecologicalย system Render Cryptoย Token (RNDR) is experiencing both high whale transactions and an boostย in the number of wallet addresses.
Reportsย by Santiment, whale transactions for Render are spiking to their third-highest level theseย 30ย 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.
โ Weย must to be cautious of the fact that whale transactions have spiked to its third highest day in the past 30ย 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.โ
Reportsย by Santiment, a key indicator that Render Cryptoย Token may continue to boostย in value is an increasing number of addresses holding the token.
โSupporting the theory that this rally isnโt over, look at how the key shark and whale RNDR addresses are continuing to boost 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 investment. And if whales were profit-taking, these numbers of addresses likely wouldnโt be continuing to rise.โ
Render Cryptoย Token connects people in need of graphics processing with those whose Graphics Processing Units (GPUs) are idle.
Render is trading for $2.65 atย theย momentย ofย writing, down 2.3 percent during the past 24 hours.
Generated Image: Midjourney
