Munzir HakimiTable of Contents
Render’s Meteoric Rise: A Deep Dive
Bullish Momentum – The cryptocurrency sector has seen an overall uplift.
– Render outperformed major players like Bitcoin (BTC) and Ethereum (ETH), which saw gains of around 3% and 9%, respectively.
The price of the coin has been going up over the last few days | Source: RENDERUSDT on TradingView
– Render’s price neared the $6.5 mark for the first time in four weeks.
– Market cap reached $3.3 billion, placing it at 29th among top cryptocurrencies.
- Render is now chasing Pepe (PEPE), which holds a market cap of around $3.9 billion.
Sharks & Whales Buying Spree
- On-chain data from Santiment reveals that large investors have been accumulating Render tokens for eleven weeks.
- The “Supply Distribution” metric shows that wallets holding at least 100,000 tokens have increased their holdings significantly.
The value of the metric appears to have been going up in recent weeks | Source: Santiment on X
- These large holders added 20.54 million tokens, equivalent to 3.7% of total supply.
Conclusion:
The recent surge in Render’s price can be attributed to substantial buying activity by large investors, indicating strong bullish momentum.
References
Featured image from Dall-E, Santiment.net, CoinMarketCap.com; chart from TradingView.
Author: Keshav Verma
Disclaimer: The information found on NewsBTC is for educational purposes only and does not represent investment advice.
