Render Token, RNDR Sees Price Drop Following Coinbase Listing Announcement

Last week, the cryptocurrency community was abuzz with news of Render RNDR being added to the listing roadmap of major exchanges like Coinbase, Binance, and Crypto.com. 

However, the excitement was met with a 9% decline in the price of RNDR over the past 24 hours.

The price dip coincided with Kenetic Capital’s deposit of another 1 million $RNDR tokens ($4.86 million) to Binance just a few hours ago. 

This recent deposit follows previous transactions where Kenetic Capital deposited 500,000 $RNDR to Binance twice on January 3rd and December 27th.

Kenetic Capital deposited another 1M $RNDR ($4.86M) to #Binance ~9hrs ago.

Since Dec 24, 2023, the VC has moved 2.5M $RNDR to Binance at ~$4.83 ($12.06M), mostly before the price dropped.

They still hold 4.1M $RNDR ($18.7M). Their estimated total profit is $4.45M (+24.7%).… https://t.co/4vX1d2GtNY pic.twitter.com/GM4oCQF8L5

— Spot On Chain (@spotonchain) February 5, 2024

Kenetic Capital’s involvement with RNDR can be divided into two distinct phases. Initially, as a private-sale investor, they received 6,225,000 old RNDR tokens from Render Token: Deployer on January 4, 2020, migrating them all to the new RNDR on March 23, 2023. 

They also deposited 3.225 million RNDR ($3.92 million) to Huobi at an average price of $1.216 on March 25, 2021, and November 20, 2021.

More On Kenetic Capital RNDR Token Accumulation

Transitioning to their role as a spot institutional investor, Kenetic Capital accumulated 4.8 million RNDR tokens ($18 million) from HTX and Binance at an average price of $3.76 between November 21, 2021 (during the great pump) and November 11, 2022 (during the great dump). 

They further deposited 2.5 million RNDR ($12.06 million) to Binance at an average price of $4.83 since December 24, 2023, realizing a profit of $2.67 million (+28.5%). Currently, they hold 4.1 million RNDR ($18.7 million) with an additional $1.8 million in unrealized profit.

The dynamics of Kenetic Capital’s transactions, coupled with the recent listing announcement, have contributed to the volatility and market response witnessed in RNDR’s price movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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