- 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.
