In a tweet, Santiment, a prominent crypto analytics platform, recently highlighted the remarkable surge of Render Token (RNDR). Over the course of just 12 days, RNDR experienced an impressive price rally of over 63%, propelling it to the 45th spot in the cryptocurrency market caps.
This newfound momentum has prompted industry experts to delve into the details of RNDR’s latest surge, as well as explore the influence of large investors and the broader crowd sentiment.
Santiment’s latest insight report reveals that Render Token may have flown under the radar earlier this year, but its current standing as the 45th largest cryptocurrency by market capitalization demands attention.
The surge in RNDR’s price was accompanied by increased trading activity and on-chain transaction volume, indicating growing interest and participation in the asset.
In the past 24 hours, RNDR stood out as the only asset in the top 100 cryptocurrencies to achieve double-digit growth. This trend has persisted throughout May, suggesting that the rally may not be losing steam just yet.
Rising Shark & Whale Addresses: A Positive Sign for Render Token?
However, it is important to exercise caution as whale transactions involving large-scale investors have spiked to their third-highest level in the past month. While such spikes often indicate profit-taking, previous instances of $100k+ whale spikes in RNDR resulted in continued price increases.
Further supporting the theory of an ongoing rally, the number of key shark and whale addresses associated with RNDR continues to rise. Notably, addresses holding 1 million to 10 million RNDR tokens are increasing rapidly, reaching a historical high of 90 addresses. It suggests that if whales were indeed profit-taking, the number of addresses would not be climbing.
On the other hand, there is a need for caution regarding the enthusiasm exhibited by the trading crowd towards RNDR. Render’s social dominance, representing the proportion of discussions related to the asset in the top 100 market cap projects, has surged to 0.4%.
While this may seem insignificant, considering the normal resting state of 0.1%, it indicates a potentially alarming discovery by the crowd, which could lead to a short-term price peak.
As RNDR continues to capture attention with its impressive performance, market observers remain vigilant for potential market shifts and the impact of crowd sentiment on its future trajectory.
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