According to market intelligence platform Santiment, the blockchain project Render Network (RNDR) has seen significant accumulation this month from larger holders.
In a recent tweet, Santiment noted wallets holding between 100,000 to 10 million RNDR tokens have amassed over $24.1 million worth of the asset so far in October.
Source: Santiment – Start using it today
This coincides with a major exit of RNDR tokens off crypto exchanges. Large inventory decreases on trading platforms often signal longer-term holding sentiment.
Render Network aims to establish a decentralized compute network for various services like GPU rendering and machine learning. The RNDR token helps access and pay for resources within the ecosystem.
The increased accumulation and withdrawals come amid a price uptrend for RNDR. The token gained over 75% in October, dramatically outpacing broader crypto market returns.
Larger holders and early backers locking up supplies generally indicate confidence in a project’s trajectory. For Render Network, the on-chain data suggests strengthened conviction even with prices already elevated.
However, Santiment warns that profit-taking from short-term holders could emerge following the swift upside move. Still, the developments appear positive for RNDR so far as fundamentals and technicals align.
Ongoing accumulation and holding decreases on exchanges may mark the early stages of a longer, structurally bullish setup. The coming weeks will better reveal whether the momentum can be sustained.
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