Render (RNDR) has seen a significant surge in price, seeing gains of nearly 3% today. However, what attracts attention is the huge profit achieved by 'whales', amounting to $61 million, based on the latest reports. This increase and the profit-taking strategy have sparked discussions in the crypto community, prompting speculation about the future trajectory of the RNDR price.
According to the latest report by Spot On Chain, six 'whales' have taken advantage of the re-increase in Render prices. These 'whales' have made a profit by depositing 7.16 million RNDR tokens, worth approximately $77.9 million, to major crypto exchanges Coinbase and Binance.
Meanwhile, this move has allowed them to rake in an impressive $60.9 million by trading Render. This leads to an indication of the profit-taking strategies used by large investors in response to rising prices.
Furthermore, the entry of RNDR tokens into crypto exchanges and profit taking by 'whales' reflects the dynamic nature of the cryptocurrency market. Typically, these large holders strategically take advantage of price movements to maximize profits when asset prices rise.
While this strategy may lead to short-term price volatility, it also underscores investor confidence in RNDR's growth potential.
Despite the optimistic sentiment surrounding Render, the massive selling by 'whales' has raised concerns about its possible impact on the token's price in the near future. Large transactions like this often lead to increased volatility and can temporarily dampen investor sentiment.
It is important to note that price fluctuations are normal in the crypto market and do not necessarily reflect the fundamentals of the project. Meanwhile, the RNDR community and investors will monitor market developments in the coming days to gauge the extent of the price impact due to the profit-taking activities of Render's 'whales'.
Additionally, factors such as overall market sentiment, project developments, and external market dynamics are likely to influence RNDR's price trajectory in the medium to long term.
Meanwhile, at the time of writing, Render price is down 2.81%, and is trading at $10.08, having reached a high of $11.12 in the last 24 hours. RNDR price has added more than 24.50% in the last 30 days, and jumped more than 450% in the last 12 months. At the time of writing, Render Futures Open Interest (OI) is also up 8.59% to $177.92 million, based on CoinGlass data.
