Render (RENDER) Shows 23% Surge As Sharks & Whales Continue To Buy
2024年9月27日 - 8:00PM
NEWSBTC
Render has shown a sharp jump of more than 23% during the last week
as on-chain data shows the large hands have continued to buy.
Render Has Enjoyed Bullish Momentum Over The Past Week The
cryptocurrency sector as a whole has witnessed an uplift recently,
but Render has been among the altcoins that have really stood out
from the rest. Whereas Bitcoin (BTC) and Ethereum (ETH) have only
seen weekly profits of around 3% and 9%, respectively, RENDER has
shown an impressive 23% jump. Related Reading: Dogecoin Wins Over
Major Demand Zone: Path To $0.15 Now Clear? The below chart shows
how the recent performance of the asset has been like. Following
this sharp growth, Render’s price has now neared the $6.5 mark for
the first time in four weeks. In terms of the market cap, the asset
has seen its valuation touch $3.3 billion, placing it at the 29th
place on the top cryptocurrencies list. The coin is now chasing
Pepe (PEPE), which is the 28th largest asset in the sector with a
market cap of around $3.9 billion. Though, considering the 18%
difference in their valuations, it wouldn’t be an easy task for
RENDER, especially since PEPE generally shows a notable rise of its
own when the market goes up. As for what could be behind the latest
growth that the cryptocurrency has enjoyed, perhaps on-chain data
can provide some hints. Sharks & Whales Have Been Busy Buying
The Token Recently According to data from the on-chain analytics
firm Santiment, the Render sharks and whales have participated in
some considerable accumulation during the last eleven weeks. The
indicator of relevance here is the “Supply Distribution,” which
tells us about the amount of supply that a given wallet group on
the network is holding right now. In the context of the current
topic, the cohort containing addresses who own at least 100,000
tokens is of interest. At the current price of the coin, this
cutoff is equivalent to just under $650,000, which is a significant
amount. As such, this group corresponds to the large hands of the
market, popularly known as the sharks and whales. Below is the
chart shared by the analytics firm, which shows how the Supply
Distribution for these investors carrying 100,000+ coins has
changed over the last few months: From the graph, it’s apparent
that the supply held by the Render sharks and whales has witnessed
a considerable increase over the last eleven or so weeks. More
specifically, these investors have added 20.54 million tokens to
their wallets, equivalent to 3.7% of the total supply. Related
Reading: Bitcoin Correlation With Gold Now At Highest Level Since
March The buying spree from this cohort has continued during the
latest price surge and thus, could be at least a factor behind why
it has taken place. Featured image from Dall-E, Santiment.net,
CoinMarketCap.com, chart from TradingView.com
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