Another whale made headlines on Tuesday when he sold his Render holdings, making huge gains from the initial investment. Despite the ongoing bear market, savvy investors are capitalizing on it to grow their earnings.
According to data from Onchain Lens today, a whale has deposited 908,259 Render (RNDR) worth $6.47 million to Binance at an average price of $7.13. This strategic move enabled the trader to pocket $466,000 profit. The trader accumulated the Render coins for $6.01 million over the past 8.5 months.
Whale activity increase in Render Network
The price of RNDR has surged by 6.8% today as a prominent trader sold off a massive part of his holdings. The profit-taking move occurred after the Render price soared today following significant losses for the altcoin in the last seven days.
The whale capitalized on the token’s price increase, enabling him to secure $466,000 profit. The profit-taking strategy used by the trader signaled his response to recent price surges.
The latest metrics show a significant increase in whale activity, triggering positive sentiment in the price of Render. According to data from IntoTheBlock, large transactions have increased by 10%, signaling an increasing whale activity on Render and a bullish outlook for the crypto.
This trend is important because big investors typically play a vital role in fueling and sustaining price movement. In most cases, an increase in whale activity is associated with robust price movement, further supporting the possibility for Render to continue its uptrend. In other words, the crypto could maintain its upward movement with strong support from large holders.
Render price increases
Render has been among the top performers in the Solana ecosystem in the last 24 hours. The coin increased by 6.8%, trading at $7.71 at the time of writing. As per CoinMarketCap, Render’s market cap and trading volume have witnessed impressive rises. Especially, the token’s trading volume rose by 18.71%, reaching $538.43 million over yesterday.
Despite its latest revival, Render had experienced a difficult time over the week. Its value dropped by 14.4% in the last seven days. Over the past one month, it struggled to sustain its upward momentum due to decreased whale activity.
Render price has been down 4.8% over the past 30 days. The coin struggled to attract big investor interest, as the number of holders with balances over 100,000 decreased to 177 (as of November 24) from 218 (on November 1).
While this decrease negatively impacted the market confidence, currently the crypto has managed to gain significant recovery. The decline over last week tested its resilience. Now the token has seen a strong rebound, reclaiming investors’ confidence.
In the last 24 hours, it has removed the losses and expanded by 6.8%. This bounce back solidifies its position in the crypto ecosystem. With a market cap of $4.02 billion, Render is the 36th largest cryptocurrency in the entire digital asset market.
