Crypto analytics firm Santiment says whale transactions are skyrocketing for altcoin Ethereum (ETH), and its recovery may not be over yet.
The market intelligence firm says that the Render Token Image Synthesis (RNDR) ecosystem is experiencing high whale transactions and an increase in the number of wallet addresses.
According to Santiment, whale transactions for Render are reaching their third highest level this month, indicating that some investors are selling for profit.
However, they say that previous spikes in whale transactions did not end with the ongoing demonstrations at the time.
“We need to be wary of the fact that whale transactions have soared to their third highest day in the past month, which is often a sign of profit-taking underway. However, we see in the two previous spikes of $100,000+ whales of this size (in red, below), prices actually continued to rise.”
According to Santiment, a key indicator that the Render Token may continue to increase in value is an increasing number of addresses holding the token.
“To support the theory that this rally is not over, look at how the key RNDR addresses for sharks and whales continue to increase in terms of their number of addresses. The tan line, which represents wallets with between one million and 10 million RNDR, is rising particularly fast. Ninety such addresses are the most in the history of the asset. And if the whales were to make a profit, this number of addresses probably wouldn’t continue to increase.”
Render Token connects people who need graphics processing with those whose graphics processing units (GPUs) are idle.
Render is trading at $2.65 at the time of writing, down 2.3% over the last 24 hours.
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