RNDR Whale One Million Token Transfer to Binance Raises Suspicions

In a recent report, cryptocurrency on-chain analytics platform Spot On Chain revealed Kinetic Capital has moved a substantial amount of its RNDR holdings to the crypto exchange platform Binance.

The report shows Kinetic deposited 500,000 RNDR worth around $2.51 million in the early hours of today. The latest transfer to the exchange follows previous deposits by Kinetic. In the past three days, Spot On Chain data shows the company has deposited 1 million RNDR tokens worth $4.89 million at Binance.

Per the report, the activities of the company are significant given that it is the eighth-largest holder of RNDR. As detailed, the venture capital company currently holds around 5.6 million RNDR tokens worth an estimated $27.9 million.

It is worth noting that the deposits came at a time when RNDR’s value was seeing an upward trend. RNDR’s bullish trend follows a wider market recovery propelled by spot Bitcoin-ETF speculations.

In particular, data from CoinMarketCap shows that the token has added 16.26% to its price in the past seven days. On the monthly chart, RNDR is up 53% and has seen a 1086% increase in the past year.

While the token fell when Spot On Chain’s report was made, it has since recovered and is up 7.18% in the past 24 hours at the time of press. Currently, the token is exchanging hands at $5.01 apiece.

So far, Kinetic Capital has realized a total gain of $5.82 million on their holdings, in addition to profit from the private sale of their investment in Render Network. Given the recent resurgence, RNDR has now edged closer to the all-time high price it recorded in November 2021.