As a seasoned crypto investor with a knack for spotting promising altcoins, I find myself intrigued by the bullish momentum of Render over the past week. With its impressive 23% surge, it has outshone even Bitcoin and Ethereum in terms of weekly profits. While I admit that chasing Pepe seems like a daunting task given the 18% difference in their valuations, I’m always up for a challenge.
Over the past week, Render experienced a significant surge of over 23%, according to on-chain data, indicating that large investors have been consistently purchasing.
Render Has Enjoyed Bullish Momentum Over The Past Week
In recent times, the entire cryptocurrency market has experienced a rise, yet it’s altcoins like Render that have truly shone among their peers. Unlike Bitcoin (BTC) and Ethereum (ETH), which have gained approximately 3% and 9% weekly, respectively, Render has made a remarkable leap of 23%.
The below chart shows how the recent performance of the asset has been like.
For the first time in four weeks, the price of Render has almost reached $6.5. This significant increase in value brings its total market capitalization to approximately $3.3 billion, positioning it as the 29th most valuable cryptocurrency in the current market.
Currently, Pepe (PEPE), ranked as the 28th largest asset in the sector and boasting a market cap of approximately $3.9 billion, is the one being pursued by the coin. However, given the significant difference in their valuations at about 18%, achieving this goal might prove challenging for RENDER. This is because PEPE often demonstrates a substantial increase when the market rallies on its own accord.
Maybe, we can find clues about the reasons for the recent surge in cryptocurrency value by examining on-chain statistics or data.
Sharks & Whales Have Been Busy Buying The Token Recently
Over the past eleven weeks, large investors (sharks and whales) have been actively accumulating Render, as suggested by data from the analysis firm Santiment.
In this context, “Supply Distribution” serves as a measure, providing insights into the current quantity of supply being held by specific groups of digital wallets connected to the network.
For our discussion, we’re focusing on the group of individuals whose wallets hold at least 100,000 tokens. Given the present value of the token, this threshold translates roughly to around $650,000, a substantial figure in our context.
In essence, this particular group resembles the significant players in the market, often referred to as sharks and whales. The ensuing graph provided by the analytics firm demonstrates how the distribution of supply held by investors possessing 100,000 or more coins has evolved over the past few months.
Over the past eleven weeks approximately, it’s clear that the Render sharks and whales have significantly boosted their token holdings. In fact, they’ve accumulated an additional 20.54 million tokens, which represents about 3.7% of the entire supply.
This group’s shopping frenzy persisted throughout the recent price increase, which might have played a role in its occurrence.
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2024-09-27 14:10