Cryptocurrency investment firm Kenetic Capital recently deposited 1 million RNDR tokens (worth $4.68 million) to Binance, according to a report by on-chain analytics platform LookOnChain.
This comes after Kenetic withdrew 4.8 million RNDR (worth $17.88 million at the time) from Binance and Huobi in November 2021 and November 2022. After the price dropped to $3.72, Kenetic then deposited 2.5 million RNDR (worth $11.68 million) back to Binance around December 24th, 2023.
Based on this activity, it appears Kenetic sold the 4.8 million RNDR in November 2021 and November 2022, likely putting significant downward pressure on the RNDR price. They then bought back around half that amount at lower prices in December last year. With this latest 1 million token deposit worth $4.68 million, it’s possible they plan to sell again soon.
Notably, after the previous two large deposits to Binance, the RNDR price plunged in the following days. So this latest deposit may foreshadow another potential drop if Kenetic sells the 1 million tokens.
Of course, it’s impossible to say for certain whether Kenetic will sell this time. But traders should be aware of the possibility of increased selling pressure based on this on-chain activity. Kenetic currently holds around 4.1 million RNDR worth $18.12 million, so they still have a sizable position they could liquidate.
In summary, the report by LookOnChain provides insight into potential RNDR price movements. The large deposit to Binance mirrors previous activity before major price drops. So traders may want to exercise caution in the short-term as the price could face downside risk if Kenetic opts to sell its holdings again.
You may also be interested in:
- Why Is Flare’s FLR Price Up? Partnership With This Tech Giant Attracts More Investors
- Shiba Inu Bulls Eye Crucial Breakout as Continuous SHIB Burn Could Spike Price to This Level
- Solana (SOL) New Rival Is Only $0.009 Today; Will It Reach $1 in 2024?
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters