Render $RNDR has been generating considerable buzz in the cryptocurrency community, reaching a yearly high in the past 30 days.
However, the enthusiasm surrounding $RNDR has been tempered by a recent slight decline in its price, noticeable both over the week and in the most recent 24-hour chart.
The token has experienced a 3.40% loss over the past 7 days and an additional 4.32% downturn in the last 24 hours. This shift in value has prompted speculation on the factors influencing $RNDR’s current trajectory.
Spotonchain reports shed light on recent activities involving KeneticCapital 0xf26, revealing that they deposited an additional 500,000 $RNDR (equivalent to $2.35 million) to Binance at a rate of $4.7 per token just hours ago, coinciding with the price drop.
🚨 @KeneticCapital 0xf26 further deposited 500K $RNDR ($2.35M) at $4.7 to #Binance ~15 mins ago as the price dropped.
The VC has deposited 1.5M $RNDR ($7.28M) to #Binance at $4.85 on avg in the past 10 days
and still holds 5.1M $RNDR ($24M) with a total profit of $4.73M.
👉… https://t.co/TtXUUhja9N pic.twitter.com/sinIN3wC18
— Spot On Chain (@spotonchain) January 3, 2024
Massive Notable $RNDR Transfer To Watch
In the broader context, this venture capitalist has deposited a total of 1.5 million $RNDR ($7.28 million) to Binance over the past 10 days, with an average rate of $4.85 per token. Notably, KeneticCapital 0xf26 still holds a substantial 5.1 million $RNDR ($24 million) and has accrued a total profit of $4.73 million.
The strategic moves by KeneticCapital 0xf26, particularly the recent deposit during a price decline, suggest a calculated approach to navigating the market. These actions, combined with the overall market dynamics, contribute to the nuanced understanding of RNDR’s recent fluctuations.
In essence, while $RNDR had recently achieved a yearly high, the current dip appears influenced, at least in part, by strategic moves from key investors, creating a dynamic landscape for the token’s value in the short term.
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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Source: https://nulltx.com/understanding-the-recent-downturn-in-rndrs-price-movement-heres-what-happened/