Major Token Transfer Impacts RNDR Value

In a notable move within the cryptocurrency market, Kenetic Capital has recently shifted a substantial amount of Render project tokens to the exchange Binance. A total of 999,990 RNDR, valued at approximately $4.5 million, was sent to Binance on February 4, according to data retrieved from Etherscan.

Kenetic Capital’s RNDR Transfers

Over the last 42 days, starting from December 24, 2023, Kenetic Capital has been actively transferring Render tokens to Binance. The cumulative amount has reached 2.5 million RNDR, which translates to $11.25 million at the current exchange rates. Post-transfer, Kenetic Capital’s holdings are reported to be around 4.1 million RNDR.

Market Reaction to Transfer

The Render Token (RNDR) market responded to this movement with a sharp 5.3% price decline, marking it as the day’s most significant drop on CoinMarketCap. The price plummeted from $4.77 to $4.41 within hours but managed a slight recovery, stabilizing at $4.50.

Trading Volume Surges Amid Price Drop

Despite the downturn in RNDR’s price, the trading volume for the token surged by 33% in the 24 hours following the transfer, reaching a high of $140 million. This indicates a heightened interest and activity from traders despite the negative price action.

About Render Token

Render Token operates as a decentralized network, connecting creators who need rendering services with available GPU resources. This innovative system is designed to streamline the rendering process, making it faster and more cost-effective. By leveraging a decentralized approach, Render Token efficiently manages and distributes rendering tasks across the network.

Broader Exchange Support

Render Token has been receiving increasing support from major cryptocurrency exchanges. Just last week, Coinbase included RNDR in its listing roadmap, joining other prominent exchanges like Binance and Crypto.com, which have already listed the token.