Render’s (RNDR) price faces downward pressure as its largest holder continues offloading significant portions of the token over the past year.
RNDR serves as the utility token of the Render Network, a provider of GPU-based rendering solutions. The token is used to pay for the network’s motion graphics, animation, and VFX rendering.
$11.7M Worth of RNDR Offloaded in 42 Days
According to on-chain analyst Lookonchain, the whale, identified as Kenetic Capital, has deposited $11.68 million worth of RNDR from its wallet to crypto exchange Binance within 42 days – which signals a sell-off.
Kenetic Capital deposited 1M $RNDR($4.68M) to #Binance again 11 hours ago.
Kenetic Capital withdrew 4.8M $RNDR($17.88M) from #Binance and #HTX at $3.72 in November 2021 and November 2022.
Then deposited 2.5M $RNDR($11.68M) to #Binance at $4.67 since Dec 24, 2023, making… pic.twitter.com/LWdQA85ald
— Lookonchain (@lookonchain) February 5, 2024
Kenetic, an investment firm, started its sell-off around December 24, 2023, after accumulating a substantial amount of the token at lower prices in previous years. On-chain data shows that Kenetic purchased 4.8 million RNDR ($17.88 million) from Binance and HTX at $3.72 in November 2021 and November 2022.
In its latest sell-off action, on-chain shows that Kenetic deposited 1 million RNDR ($4.68 million) to Binance at $4.67 in hours leading up to press time. With this, the firm has moved a total of 2.5 million RNDR ($11.68 million) back to Binance since December 24, netting a profit of approximately $2.37 million.
While Kinetic has dumped a substantial amount of RNDR, it remains the largest holder, holding 4.1 million RNDR ($18.12 million).
RNDR Faces Downward Pressure
Notably, each sell-off from Kenetic is always accompanied by a short-term slump in the price of RNDR. While RNDR has been rallying over the past month and week, the latest whale action pushed the price down.
Amid the latest action, RNDR dropped sharply by 8%. RNDR was trading at $4.46 at press time, representing a 7% decrease on the day and a 1.3% decline over the past hour.
Kenetic’s latest activity has sparked a lot of reaction among the token holders on X (Twitter), with someone suggesting that the token could be on its way to as low as $2. Others see the action as a call to action to offload their bag since a continuous sell-off from a major holder could crash the token further in the short term.
