Render Whale Movements Hint at Imminent RNDR Sell-off Amid Price Surge

Two major RNDR whales moved large amounts of the token to Coinbase exchanges in separate transactions, likely foreshadowing intent to sell amidst Render’s price surge, according to data from on-chain analytics firm Spotonochain.

Massive RNDR Bag Moved to Realize 200% Profit

An anonymous whale with address 0xefd2456cf031ebe45a7d2792251cbc85f3b9138e deposited 2.306 million RNDR worth $14.2 million to Coinbase at $6.16 per token. Analysis shows this whale previously withdrew those same tokens across several transactions in 2023 when prices averaged only $2.05.

If selling now, this whale stands to net a substantial 200% or $9.47 million profit. The deposit effectively empties their RNDR holdings, signalling a likely intent to cash out.

Dormant Whale Awakens, Deposits RNDR After 8 Months

In a separate move, dormant whale address 0xfa71aaf7514a0524acb85be5e9bf6f50d2c12b7d transferred 1.5 million RNDR worth $8.43 million to Coinbase after 8 months of inactivity.

Records show this whale withdrew 3.706 million RNDR in May 2023 when prices averaged $2.169 per token. Between that initial withdrawal and recent deposit, the address has realized an estimated 75.8% or $5.73 million profit.

The whale still holds an additional 220,996 RNDR worth $1.24 million, representing another $833K in unrealized profit.

Price Surge Preceeds Deposits

Notably, both large token movements came on the heels of a 12.52% RNDR price surge to $6.23 over the past 24 hours according to price data from CoinMarketCap. This context further suggests the whales intend to capitalize on the uptick by unloading tokens at the elevated price level.

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If so, the sudden influx of millions of tokens could place significant downward pressure on prices from profit-taking activity. The developments warrant close monitoring of supply and price activity around RNDR in the coming days.

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Samuel Munene
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