🌎 Render Token Surges 33% as Whales Drive Major Accumulation

Render, a decentralized graphics processing unit-based rendering solutions provider, is experiencing a notable price recovery as large wallet addresses aggressively accumulate the native token.

Render Token’s Market Position

The Render token stands as one of the leading artificial intelligence and decentralized finance cryptocurrencies by market cap. After its native token fell to $4.50 on September 7, Render has shown remarkable resilience, reclaiming support above $6.00.

Price Recovery and Market Sentiment

According to market intelligence and on-chain insights provider Santiment, Render is showing a recovery buoyed by large address accumulation. The token bottomed out near $4.60 on September 18, with bears rejecting bulls’ attempt to push higher around $5.35 a week earlier. Most altcoins experienced significant volatility during this period, with related tokens such as Bittensor also seeing notable movements.

Despite the muted gains, the bullish shift amid whale accumulation has seen Render’s price rise by more than 33% over the past week. This upside has coincided with a fresh spike in artificial intelligence-related tokens.

Whale Accumulation

Whales and sharks took advantage of recent pullbacks to buy low. For Render, this was a significant occurrence, as pointed out by Santiment analysts. On-chain data shows that these large holders possess at least 100,000 Render tokens. About 902 addresses hold 100,000 or more tokens, with large holders controlling 91% of the total supply.

In the past eleven weeks, these large wallets have accumulated over 20.5 million Render tokens, valued at more than $126.3 million. During this aggressive accumulation, whales and sharks added 3.7% of Render’s total supply to their holdings.

Investor Behavior

While whales adopted a bullish stance on the altcoin, investor wallets appeared to have sold off sharply. In the past month, investors dumped 21% of their holdings, which whales absorbed. Retail investors also purchased more tokens, adding 3.6% to their portfolios.