Over the past week, Render has experienced a remarkable surge of more than 23%, as on-chain data indicates substantial purchases from large investors.
Render Has Enjoyed Bullish Momentum Over The Past Week
The cryptocurrency market has been on an upward trend recently, but Render has distinguished itself from other altcoins. While Bitcoin (BTC) and Ethereum (ETH) have posted weekly gains of around 3% and 9%, respectively, Render (RNDR) has surged by an impressive 23%.
Below is a chart showing the recent performance of Render:
Following this significant growth, Render’s price has approached the $6.5 mark for the first time in four weeks. In terms of market capitalization, the asset has reached a valuation of $3.3 billion, securing the 29th spot among the top cryptocurrencies.
Currently, Render is trailing behind Pepe (PEPE), which holds the 28th position with a market cap of approximately $3.9 billion. Given the 18% difference in their valuations, overtaking PEPE will be a challenge for Render, especially considering PEPE’s tendency to rise notably when the market is bullish.
To understand the factors contributing to Render’s recent growth, we can look at on-chain data for insights.
Sharks & Whales Have Been Busy Buying The Token Recently
According to data from on-chain analytics firm Santiment, Render sharks and whales have been actively accumulating the token over the past eleven weeks.
The key metric to consider here is “Supply Distribution,” which indicates the amount of supply held by various wallet groups on the network.
In this context, we are particularly interested in the group of addresses holding at least 100,000 tokens. At the current price, this threshold is equivalent to just under $650,000, a substantial amount that aligns with the large investors in the market, commonly referred to as sharks and whales.
Below is a chart from Santiment showing how the Supply Distribution for investors holding 100,000+ coins has evolved over the past few months:
The chart reveals that the supply held by Render sharks and whales has seen a significant increase over the last eleven weeks. Specifically, these investors have added 20.54 million tokens to their wallets, representing 3.7% of the total supply.
This buying spree has persisted during the recent price surge, and it is likely a contributing factor to the asset’s impressive growth. Large-scale accumulation by whales and sharks often signals confidence in the asset’s future performance and can drive further bullish momentum.
In conclusion, Render has experienced a notable increase in value, driven by significant purchases from large investors. As the cryptocurrency market continues to evolve, it will be interesting to see how Render and other altcoins perform in the coming weeks.
