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Render, a decentralized graphics processing unit-based rendering solutions provider, is seeing a notable price recovery as large wallet addresses aggressively accumulate the native token.
The Render (RENDER) token ranks as one of the top artificial intelligence and decentralized finance cryptocurrencies by market cap. After its native token plummeted to $4.50 on Sept. 7, Render has shown significant resilience, reclaiming support above $6.00.
RENDER price ‘bottomed’
According to market intelligence and on-chain insights provider Santiment, Render is showing recovery buoyed by large address accumulation. This comes after the artificial intelligence token bottomed out near $4.60 on Sept. 18, with bears rejecting bulls’ attempt to push higher around $5.35 a week earlier.
Most altcoins experienced significant volatility during this time, with related tokens such as Bittensor (TAO) soaring.
Gains for Render have largely been muted, but the bullish shift amid whale accumulation has seen its price rise by more than 33% over the past week. This upside has coincided with a fresh spike in artificial intelligence-related tokens.
Whales bought the Render dip
Whales and sharks took advantage of recent pullbacks to buy low. For Render, this was a notable occurrence, as pointed out by Santiment analysts in an post on X.
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.
While the whales adopted a bullish stance on the altcoin, investor wallets appear 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.