Render (RNDR), the leading AI cryptocurrency, saw its price drop by 4% after a major investor sold $3 million worth of tokens. Despite this sell-off, there’s still optimism for future gains, especially with upcoming tech sector events.
Whale Sells $3M RNDR, Market Reacts
The price of RNDR fell over 4% today after a major investor, often referred to as a “whale,” sold a large chunk of their holdings. According to The Data Nerd, this whale, known as 0x1Cb, deposited 265,000 RNDR (worth about $2.78 million) to the crypto exchange Binance within 24 hours. Interestingly, this whale had initially purchased 365,000 RNDR at an average price of $9.20 and still holds 100,000 RNDR, valued at approximately $1.1 million.
Over the past week, other large holders also took advantage of RNDR’s price rebound. A report from Spot On Chain revealed that six whales deposited a total of 7.16 million RNDR tokens, valued at around $77.9 million, onto exchanges like Coinbase and Binance, securing around $61 million in profits. These profit-taking moves highlight their response to recent price increases.
Bullish Momentum Ahead?
Despite the selling pressure from these whales, not all investors are pessimistic. Many are optimistic about RNDR’s future, especially with significant tech events on the horizon. Investors are particularly focused on NVIDIA’s earnings report, scheduled for Wednesday, May 22. Analysts are expecting strong results due to the increasing demand for AI chips and technology services. Positive news from NVIDIA could spark rallies in AI-related cryptocurrencies like RNDR.
Render, being a key player in the AI cryptocurrency space, could benefit from any positive market sentiment generated by NVIDIA’s performance. This potential for a rally keeps some investors bullish on RNDR, despite the recent profit-taking by large holders.
As of now, Render’s price has slipped 4.24%, trading at $10.04, with a trading volume up 46% to $334.69 million. In the past 24 hours, RNDR has reached a high of $10.63 and a low of $9.65.
