Render sheds 5.3% in 24 hour trading after 1m RNDR transfer to Binance
Kenetic Capital, the most significant institutional holding of Render project tokens, transferred almost 1 million RNDR.
According to Etherscan, Kenetic Capital transferred 999,990 RNDR to the cryptocurrency exchange Binance on Feb. 4. The transfer is valued at almost $4.5 million at the current exchange rate.
Since Dec. 24, 2023, Kenetic Capital has transferred 2.5 million RNDR, or $11.25 million at the time of writing, to Binance in 42 days. Kenetic Capital currently holds 4.1 million RNDR.
After the transfer of RNDR to Binance, the token rate reacted with a drop of 5.3% in 24 hours, becoming the top loser of the day on CoinMarketCap. The price of RNDR dropped from $4.77 to $4.41 in a few hours and recovered to the level of $4.50 at the time of writing.
Despite the 5.3% drop, RNDR trading volumes increased by 33% over the past 24 hours, reaching $140 million.
Render Token functions as a network that connects users who need to render their work with idle GPU resources to speed up the rendering process and make it more efficient. It uses a decentralized system to track and manage rendering jobs at scale.
Last week, cryptocurrency exchange Coinbase added Render to its listing roadmap. Binance, Crypto.com, and other large centralized exchanges also previously announced the listing of RNDR.
