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Leading on-chain data provider Spot On Chain has reported significant activity within the ecosystem of Render Network (RNDR), the third largest member of the artificial intelligence altcoin category. According to data, millions of dollars worth of RNDR tokens were moved to an anonymous wallet address and to the world’s largest cryptocurrency exchange, Binance.
1.65 Million RNDR Tokens Moved to Binance Exchange
Spot On Chain compiled on-chain data shows that approximately 2.5 million RNDR tokens, valued at about $20.8 million, were transferred about 9 hours ago to a new wallet address starting with 0x5b9…. Following this transfer, within the last 5 hours, a significant portion of these tokens, approximately 1.65 million RNDR tokens valued at $13.4 million, were moved to the cryptocurrency exchange Binance.
Such high-volume RNDR movements, especially the substantial deposit transaction to Binance, have caught the attention of the altcoin community and alarmed investors.
About 761 Thousand RNDR Tokens to Be Unlocked
Meanwhile, Render Network is preparing to unlock a portion of its circulating supply today. According to data from Token Unlock, approximately 761 thousand RNDR tokens, worth about $6.33 million, which corresponds to 0.2% of the circulating RNDR supply, will be unlocked and released into the market.
Following the transfer of 1.65 million RNDR tokens to Binance, this upcoming unlock could potentially lead to a drop in the altcoin’s price. Market observers warn that the transfer activity and token unlock could create selling pressure. Particularly, if the general downward movement in the cryptocurrency market, led by Bitcoin (BTC), continues, the selling pressure could intensify.
Current data shows RNDR trading at $7.98, down 6.14% in the last 24 hours. The data reveals that the altcoin’s price has fallen 13.84% in the last 7 days and 24.70% in the last 30 days.
