Render’s (RNDR) Largest Holder Dumps Remaining Holdings, Nets $15.95M Profit

In a surprising move sparking speculation within the crypto community, Kenetic Capital, previously the largest institutional holder of Render (RNDR) tokens, has dumped its remaining holdings.

Kenetic Dumps Remaining RNDR Holdings 

According to on-chain analysis by Spot On Chain, the investment firm deposited its remaining 4.1 million RNDR, valued at approximately $20.4 million, across multiple transactions into the Binance exchange several hours before press time.

The transaction follows the transfer of an initial 2.5 million RNDR ($11.68 million) to the same exchange beginning on December 24, 2023. Kenetic last deposit of RNDR into Binance before this occurred last week when the firm moved 1 million tokens ($4.68 million) to Binance at $4.67.

With the most recent transaction, it is estimated that Kenetic has netted a profit of approximately $15.95 million from its RNDR investment.

The latest move comes amidst a recent rally in RNDR’s price, driven by growing interest in the Render Network’s decentralized rendering platform. The platform allows users to contribute unused GPU power to help projects render motion graphics, animation, and visual effects while earning RNDR tokens.

RNDR has surged 225% since last year, 30% in the past 30 days, 9% in the previous 14 days, and 15% over the past week.

While the crypto community continues to monitor the situation and its potential impact on the short-term performance of RNDR, the reasons behind Kenetic’s recent move remain unclear. 

RNDR Shows Resilience 

Meanwhile, Kenetic’s latest activity did not severely impact the price of RNDR. The token trades at $5.03 at press time, representing a mild 1% decrease on the day.

Whether this marks the end of Kenetic’s involvement with RNDR or simply a strategic shift for the firm remains to be seen. 

Both Render and Kenetic are yet to comment on the development.