- Render Token (RNDR) is an Ethereum-based token worth watching.
- Santiment analysis has highlighted the inherent potential of the token.
Market intelligence firm Santiment has spotted an Ethereum (ETH)-based altcoin that is likely to rake in millions of dollars for its investors. According to the crypto analytic firm, renowned whales have been gathering around this altcoin amidst a bull run that is likely to last for a long time.
This new coin is powering an image-synthesizing ecosystem known as Render Token (RNDR) which was launched two years ago.
In the last few days, there has been a significant increase in the number of wallet addresses and whale transactions associated with RNDR. Already, whale transactions are hitting their third-highest level this month, per a Santiment statement.
Hence, it is most likely that a significant percentage of these investors are selling for profit. Santiment referred to a trading chart to point out the last two $100,000+ whale spikes of this nature.
Per the chart, the last time there was a similar spike in whale transactions, the price of RNDR continued to rise.
This defeated expectations that increased whale transactions will destroy the rallies of the token. Again, the outstanding surge in the number of active addresses holding RNDR is another indication that a downward trend is not expected any time soon.
Render (RNDR) Rally Seem Not to be Over
Specifically, the blockchain analytic platform cited that the theory that the RNDR rally isn’t over is elucidated by a look at how the key shark and whale RNDR addresses are continuing to rise in terms of their number of addresses.
A glance at the tan line, which represents wallets holding one million to 10 million RNDR shows a rapid increase. Furthermore, the history log of the token revealed that about ninety such addresses are the most occurring.
However, Santiment supposes that “if whales were profit-taking, these numbers of addresses likely wouldn’t be continuing to rise.”
Also, the price of the token has jumped reasonably with heightened trading and on-chain transaction volume. Its market capitalization is gradually inching toward $837 million at the time of this writing. As such, this places it ahead of canine-themed memecoin Dogecoin (DOGE). At the time of this writing, RNDR is trading at $2.79, up by almost 3 percent in the last 24 hours.
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The Render Token is a blockchain-powered project focused on developing a decentralized Graphic Processing Units (GPU) network and cloud computing nodes. Precisely, it facilitates connections between people who need graphic processing and those whose GPUs are idle. Therefore, users of RNDR can render high-resolution images at a faster pace and cheaper rate.
Increased demand for high-definition, real-time 3D rendering for gaming and virtual reality has caused the popularity of RNDR to grow. At the beginning of this year, the token was part of the crypto projects selected with the potential of performing excellently well. Generally, there is currently a memecoin trend that has enveloped the crypto industry. PEPE, SNEK, LADYS, and many others are growing fast and rolling in profits for holders.
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