Render Price Recovers as Large Holders Accumulate
Date: 2024-09-26 Author: Henry Casey Categories: CRYPTO PAYMENTS
Render, a decentralized provider of GPU-based rendering solutions, has been showing a steady price recovery as large holders have been actively accumulating its tokens.
Render is considered one of the leading tokens in the field of artificial intelligence and decentralized finance. After falling to $4.50 on September 7, Render’s price has recovered, once again exceeding the $6.00 mark.
RENDER Price Bottomed Out
According to data from Santiment, an analytics company that tracks market trends and analyzes information on the blockchain, the Render token’s price is recovering thanks to an increase in the share of large holders. This happened after the artificial intelligence token hit a local minimum of around $4.60 on September 18. Earlier, the bears fought off an attempt by the bulls to push the price up to $5.35.
At the same time, many altcoins, including Bittensor, experienced significant volatility. Despite the overall market volatility, the Render token showed moderate results, increasing its value by more than 33% over the past week. This growth coincided with a renewed interest in AI-related tokens.
Large holders buy Render on the decline
Large players in the market, including so-called “whales” and “sharks”, took advantage of the recent price decline to buy Render tokens at a low price. According to Santiment, such large wallets hold at least 100,000 tokens. About 902 addresses control more than 100,000 tokens, which is 91% of the total token supply in circulation.
Over the past 11 weeks, these large holders have accumulated over 20.5 million Render tokens, worth over $126.3 million. In the process of active accumulation, whales and sharks have increased their share by 3.7% of the total token supply.
Despite aggressive purchases by large holders, small investors, on the contrary, have been selling off their assets. Over the past month, they have gotten rid of 21% of their tokens, which were immediately purchased by “whales”. However, retail investors have not remained on the sidelines either, increasing their portfolios by 3.6%.
