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While there has been a rise in Ethereum ETFs in recent days, Santiment warned investors about the popular artificial intelligence altcoin RNDR.
Render Network (RNDR), one of the leading names in the artificial intelligence industry, has been the subject of notable whale activities and an upward trend with its rise in recent weeks.
Stating that at this point, a large whale sent 4.89 million RNDR tokens worth approximately $ 52.1 million to an unknown wallet, Santiment stated that this transfer could cause potential fluctuations in the RNDR price in the near future.
At this point, Santiment recommends that those holding RNDR keep a close eye on the market as there may be increased volatility on the horizon. Because large transactions made by whales can often lead to price fluctuations.
“Whaling activity is high among the AI sector and Render is no exception.
A known whale sent 4.89 million RNDR (worth $52.1 million) to an unknown wallet earlier today as prices corrected.
“Investors holding this asset should beware of increased volatility.”
RNDR continues to trade at $10.55 at the time of writing.
🐳 Whale activity has been high among the #AI sector, and #Render has been no exception. A known whale sent 4.89M $RNDR (worth $52.1M) to an unknown wallet earlier today as prices corrected. Those holding this asset should watch for increased volatility. https://t.co/AIKq9INw1M pic.twitter.com/EG1Rd1HhcA
— Santiment (@santimentfeed) May 23, 2024
*This is not investment advice.