The price of the leading AI coin, Render (RNDR), fell by 4% following a significant investor’s sale of $3 million in tokens. However, due to anticipated tech sector events, optimism persists for future gains.
A significant RNDR holder drastically decreased their position, leading to a drop in the token’s price. Within 24 hours, the Render whale, identified as 0x1Cb, transferred 265,000 RNDR, valued at around $2.78 million, to the major crypto exchange, Binance, as reported by The Data Nerd.
Whale Offloads Render Tokens Valued at $3M
The report revealed that this whale originally purchased 365,000 RNDR at an average price of $9.20 and currently holds 100,000 RNDR, valued at around $1.1 million. Additionally, in the past week, other significant RNDR holders have also taken advantage of the cryptocurrency’s price recovery.
A recent report from Spot On Chain revealed that six whales deposited a total of 7.16 million RNDR tokens onto exchanges like Coinbase and Binance last week, with a combined value of about $77.9 million. By doing so, they managed to lock in approximately $61 million in profits. This profit-taking approach underscores their reaction to the recent price increases.
However, despite the selling pressure exerted by these whales, not all investors hold a pessimistic view. Some recognize the possibility of future gains, especially with upcoming events in the technology sector that may impact AI-related tokens like RNDR.
Is Bullish Momentum Approaching?
Numerous investors are eagerly awaiting NVIDIA’s earnings report, set for Wednesday, May 22. Analysts predict robust outcomes owing to the increasing demand for AI chips and technology services. Positive technological advancements, particularly in the artificial intelligence (AI) sector, frequently ignite rallies in AI-related cryptocurrencies, potentially lifting RNDR’s price.
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As a significant figure in the AI coin realm, Render could reap the rewards from any favorable market sentiment triggered by NVIDIA’s performance. This possibility of a rally has led some investors to uphold a positive outlook on RNDR, notwithstanding recent profit-taking actions by major holders.
Currently, the Render price has dropped by 4.24% to $10.04, with trading volume surging by 46% to $334.69 million. Within the past 24 hours, the cryptocurrency reached a peak of $10.63 and a low of $9.65.
