Render Token Price Rebounds as Whales Accumulate
Render, a decentralized graphics processing unit-based rendering solutions provider, has experienced a significant price recovery as large wallet addresses aggressively accumulate the native token. The Render (RENDER) token, which ranks as one of the top artificial intelligence and decentralized finance cryptocurrencies by market cap, saw its price plummet to $4.50 on Sept. 7 before bouncing back above $6.00.
According to market intelligence and on-chain insights provider Santiment, Render’s recent price recovery can be attributed to large address accumulation. The artificial intelligence token hit a low near $4.60 on Sept. 18, with bears rejecting bulls’ attempts to push higher around $5.35 a week earlier. During this period of volatility, related tokens like Bittensor (TAO) experienced significant price swings.
Despite the overall market turbulence, Render’s gains have been relatively muted. However, a recent surge in whale accumulation has propelled the token’s price up by more than 33% over the past week. This bullish shift coincided with a fresh spike in artificial intelligence-related tokens, indicating growing interest in the sector.
Whale Accumulation and On-Chain Insights
Whales and sharks in the cryptocurrency market have taken advantage of recent pullbacks to accumulate Render tokens at lower prices. According to Santiment analysts, large holders, defined as those possessing at least 100,000 Render tokens, control a substantial portion of the token’s total supply. Currently, about 902 addresses hold 100,000 or more tokens, with these large holders collectively owning 91% of the total supply.
Over the past eleven weeks, these large wallets have accumulated more than 20.5 million Render tokens, valued at over $126.3 million. This aggressive accumulation phase has seen whales and sharks adding 3.7% of Render’s total supply to their holdings, indicating a strong bullish sentiment among big players in the market.
While whales have been accumulating Render tokens, investor wallets have been selling off their holdings. In the past month alone, investors have dumped 21% of their tokens, which were then absorbed by the whales. Interestingly, retail investors have also been actively purchasing more tokens, adding 3.6% to their portfolios despite the market volatility.
Implications of Whale Accumulation on Render Token Price
The substantial accumulation of Render tokens by whales and sharks has had a noticeable impact on the token’s price trajectory. As these large holders continue to amass tokens, their buying activity exerts upward pressure on the price, driving the token’s value higher. This trend is reflected in the recent price surge of more than 33% over the past week, signaling a bullish outlook for Render.
Furthermore, the dominance of whales and sharks in the Render ecosystem raises questions about the token’s decentralization and distribution. With a significant portion of the total supply concentrated in the hands of a few large holders, there is a risk of market manipulation and price volatility. However, if these whales continue to support the token and drive its adoption, Render could see sustained growth and stability in the long run.
In conclusion, the recent price recovery of Render’s native token can be attributed to the aggressive accumulation by whales and sharks. While this trend has fueled a bullish sentiment in the market, it also highlights the importance of monitoring large holders’ activities for potential market dynamics. As Render continues to navigate the volatile cryptocurrency landscape, the role of whales in shaping its price trajectory remains a key factor to watch.
