RNDR Coin: Understanding the Price Dip After a Stellar 27% Surge

  • Following a phenomenal bull run illustrated by RNDR’s price, surging 27% over the past week, the token encountered downside pressure today, May 11.
  • A massive deposit of RNDR to Binance by a market maker might have caused the price to tumble.
  • Despite the price slip, RNDR reflects optimism for its long-term prospects.

After a 27% weekly rally, RNDR price slips today, raising investor interest. The price dip is linked to a market maker’s massive RNDR deposit to Binance. However, RNDR’s long-term prospects remain optimistic.

Phenomenal Bull Run Followed by a Price Dip

In an unprecedented turn of events, RNDR, the native token of the Render Network, illustrated signs of a pullback today, May 11, following a phenomenal bull run witnessed over the past week. After rallying 27.30% in the past seven days, RNDR’s price slipped nearly 3% in the past 24 hours, falling in line with a stockpile of market statistics.

Market Maker’s Massive RNDR Deposit to Binance

In a post shared by the on-chain analytics platform ‘The Data Nerd,’ it was brought to light that address 0x537, reportedly linked to GSR Markets, a renowned digital asset market maker, has deposited a staggering 500,000 RNDR, worth $5.56 million, to Binance. This action appears to have primarily influenced the token’s current price movement, pulling it into the red territory.

Long-term Prospects for RNDR

Despite today’s slip, the remarkable weekly gains illustrated by the Render token comes alongside a phenomenal spike in whale activity, which triggered a rising price action for the crypto. Further, the recent rise in AI and Big Data projects has additionally injected a bullish trend in the AI coin. Collectively, this data has ignited market sentiments of short-term volatility, with the token’s long-term price movements eyeing greater heights.

Conclusion

As of writing, RNDR’s price has slipped 3.50% in the past 24 hours and is currently trading at $10.93. The AI token’s market cap fell 3.81%, reaching $4.24 billion, followed by a 24-hour trading volume plunge of 15.09% to $458.78 million. Despite the price slip, RNDR’s long-term prospects remain optimistic, with potential gains lying ahead.

BREAKING NEWS

BTC Options Outlook: Call Buyers Fuel Volatility Amplification at $113K–$125K While Gamma Support Emerges Below $106K

On-chain data analyst Murphy reports the current BTC options...

Calm Whale Trader Scores $5.1M on Solana (SOL) Short — $10M+ Profit in 30 Days, Account Hits $14.35M

COINOTAG, citing on-chain analytics from Coinbob, reports that the...

Whale Buys 14,165 ETH ($55.5M) via OTC Trades From FalconX, Coinbase & Wintermute — LookIntoChain (Oct 11)

COINOTAG News reported on October 11 that LookIntoChain monitoring...

Bitcoin Tests New Whale ‘Cost Price Support Line’ — On-Chain Data Signals Crucial Support Test

CryptoOnchain's latest on-chain data shows Bitcoin is testing a...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img