Santiment Reports Major Increase in Whale Transactions for Ethereum-Based Altcoin

Santiment Reports Major Increase in Whale Transactions for Ethereum-Based Altcoin


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.”

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Reports by Santiment, a key indicator that Render Crypto Token may continue to boost in value is an increasing number of addresses holding the token.

“Supporting the theory that this rally isn’t 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 wouldn’t be continuing to rise.”

Enlarged
Source: Santiment

Render Crypto Token connects people in need of graphics processing with those whose Graphics Processing Units (GPUs) are idle.

Render is trading for $2.65 at the moment of writing, down 2.3 percent during the past 24 hours.

Generated Image: Midjourney

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