Render (RENDER) has experienced a significant surge in price, outperforming both Bitcoin and Ethereum in recent weeks. This bullish momentum is largely attributed to the accumulation of RENDER tokens by large holders, known as whales.
On-chain data from Santiment reveals that sharks and whales have been actively buying RENDER over the past eleven weeks. The Supply Distribution metric indicates that the cohort of addresses holding 100,000 or more RENDER tokens has been steadily increasing its holdings. This suggests that these large investors are confident in the token’s future and are driving the price upward.
As a result of this accumulation, RENDER’s market capitalization has reached $3.3 billion, placing it among the top 30 cryptocurrencies. The token’s continued upward trajectory will depend on factors such as market sentiment, broader cryptocurrency trends, and the ongoing accumulation by whales.
September 2024, Cryptoniteuae
