• Crypto analytics firm Santiment says whale transactions for Render Token (RNDR) are soaring and its rally may not be over.
• According to Santiment, an increasing number of wallet addresses is a key indicator that the token’s value may continue to increase.
• Render Token connects people in need of graphics processing with those whose GPUs are idle and is trading for $2.65 at time of writing.
Render Token Rallies as Whale Transactions Explode
Crypto analytics firm Santiment says whale transactions for Render Token (RNDR) are soaring and its rally may not be over.
Signs Point To Ongoing Rally
According to Santiment, an increasing number of wallet addresses is a key indicator that the token’s value may continue to increase. The firm also notes that prior spikes in whale transactions did not result in killing the ongoing rallies at the time.
What Is Render Token?
Render Token connects people in need of graphics processing with those whose Graphics Processing Units (GPUs) are idle. It utilizes blockchain technology to create a secure marketplace where users can safely buy and sell processing power on demand without having to trust a middleman or wait days for their orders to go through.
Current Price Of Render Token
Render is trading for $2.65 at time of writing, down 2.3% during the past 24 hours according to CoinMarketCap data.
Conclusion
Whale transactions seem to indicate profits being taken, but this has not caused any disruption in RNDR’s rally thus far – while wallets holding one million-10 million RNDR have risen exponentially, showing continued growth potential for the asset going forward.