Three Whales Dump Millions In RNDR as NVIDIA Boosts Render Price To All Time High

The price of Render Token (RNDR) has reached an all-time high of $13.6, boosted by the recent NVIDIA GTC 2024 event. As the token’s value continues to soar, three large whales have taken advantage of the opportunity to realize profits by depositing a total of 2.5 million RNDR, worth approximately $30.8 million, to centralized exchanges (CEX) in the past 24 hours, according to SpotOnChain.

Whale 0x22f Deposits 1M RNDR to Binance

One of the whales, identified as wallet address 0x22f, deposited 1 million RNDR, worth $11.3 million, to Binance approximately 20 hours ago. According to data from Spotonchain, this whale has realized an estimated profit of $24.08 million, representing a 387% return on their investment. Despite the significant deposit, the whale still holds 1 million RNDR, currently valued at around $13 million.

Two Wallets Jointly Deposit 1.5M RNDR to Coinbase

Two other wallets, identified as 0x9f5 and 0x69f, jointly deposited 1.5 million RNDR, worth $19.5 million, to Coinbase just 3 hours ago. These wallets are allegedly part of a network that received a staggering 58.28 million RNDR from the Render Network in 2022, when the token’s price was just $1.41.

RNDR’s Impressive Price Performance

Render Token has seen remarkable growth in its price performance across various timeframes. In the past 24 hours, RNDR has gained 14.9%, while its 7-day performance shows a more modest 3.7% increase. However, looking at the bigger picture, RNDR has surged by an impressive 144.8% over the past 30 days and a staggering 716% over the past year.

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The recent price surge can be attributed, in part, to the ongoing NVIDIA GTC 2024 event, which has brought increased attention to the blockchain-based rendering and graphics processing ecosystem. As more investors and users recognize the potential of decentralized rendering solutions, demand for RNDR has skyrocketed, driving the token’s value to new heights.

The substantial deposits made by the three whales highlight the growing interest in realizing profits amid the current market enthusiasm surrounding RNDR. As the token’s price continues to appreciate, early investors and large holders are seizing the opportunity to cash out some of their gains, while still maintaining significant positions in anticipation of further growth.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency