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- Deep-pocketed investors are heavily investing in two AI-related altcoins, Fetch.ai (FET) and Render (RNDR), according to on-chain data.
- Blockchain-monitoring service Lookonchain noticed a Binance wallet linked to crypto investment firm DWF Labs received a large amount of Fetch.ai, a decentralized machine learning project.
- Lookonchain also noticed multiple whales accumulating large amounts of Render, a project related to Graphics Processing Units (GPUs).
Investors are heavily investing in AI-related altcoins Fetch.ai and Render, according to on-chain data, indicating a growing interest in AI and GPU related blockchain projects.
Heavy Investment in Fetch.ai
A Binance wallet linked to crypto investment firm DWF Labs recently received a large amount of Fetch.ai, a decentralized machine learning project. The wallet, identified as ‘0x633c’, transferred 1 million FET ($2.25 million) to DWF Labs Binance deposit wallet again on May 8th. The same wallet received 5 million FET ($11.95 million) from Fetch.ai Foundation the previous day and deposited 2 million FET ($4.71 million) to DWF Labs Binance deposit wallet on May 8th. Fetch.ai is currently trading for $2.20, down nearly 11% in the last 24 hours.
Whales Accumulating Render
Lookonchain also noticed multiple whales accumulating large amounts of Render, a project related to Graphics Processing Units (GPUs). The price of RNDR has increased by 40% in the past week. Several wallets have been withdrawing large amounts of RNDR from Binance, with one wallet identified as ‘0x15CF’ withdrawing 748,898 RNDR ($5.3 million) on April 30th and May 1st, with a current floating profit of $2.24 million. Render is currently trading for $10, down more than 6% in the last 24 hours.
Conclusion
The heavy investment in Fetch.ai and Render by deep-pocketed investors suggests a growing interest in AI and GPU related blockchain projects. As the crypto market continues to evolve, it will be interesting to see how these investments play out and what impact they have on the overall market.
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