The crypto market has seen a cooldown in the AI narrative over the past couple weeks, with leading AI cryptocurrency projects like Render Token (RNDR), Near Protocol (NEAR), Graph Protocol (GRT), and Tau Meta Blockchain (TAO) all experiencing declines. RNDR, in particular, is down around 8% over the last week to trade around $10.17 at the time of writing.
This sluggish price performance may have prompted one longtime RNDR holder to take profits. According to on-chain data from SpotOnChain, a dormant Render whale with the address 0x3c1 just deposited 1.94 million RNDR tokens (worth around $19.8 million) to Coinbase at an average price of $10.21.
Notably, this whale had previously withdrawn the same 1.94M RNDR from Coinbase between June 3-27, 2023 at an average price of just $2.39 – investing only $4.63 million at that time. If this holder does indeed sell their recently deposited tokens at current prices, they would realize an estimated profit of $15.15 million – a staggering 327% return in just 10 months of holding.
The blockchain transaction of the recent $19.8M RNDR deposit is: 0xa4f56f6bbd71a3319c026ce98ca850adfc93625629b81989dbde33f6b4d9ffd9
When large cryptocurrency whales move to deposit longstanding token holdings on exchanges, it often signals an intention to sell. Substantial sell-offs from whales can put downwards price pressure on an asset in the short-term as they look to liquidate their positions.
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Show more +Whether this particular RNDR holder will sell all, some or none of their tokens remains to be seen. However, RNDR traders and investors would be wise to keep an eye on the blockchain and orderbooks for any abnormally large sell orders. The AI crypto boom has cooled for now, and profit-taking from major holders could amplify any near-term bearish price action.
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