In the realm of cryptocurrency, Render (RENDER) has garnered attention recently despite its lackluster price performance. Referred to as the ‘Nvidia of crypto’ due to similarities with the renowned Nvidia (NASDAQ: NVDA), Render has piqued the confidence of significant investors, known as whales.
Data from Santiment, a crypto market intelligence platform, highlighted unusual price movements in Render and other altcoins like Injective (INJ) and Polygon (MATIC). These anomalies followed a shift in supply from whale exchange wallets to cold wallets, a move deemed significant by Santiment analysts as both a short and long-term signal.
The transfer of crypto assets to ‘cold’ storage signifies strong confidence and a long-term holding strategy by major holders. This reduced selling pressure on exchanges and hinted at positive growth potential for Render. Despite some technical analysis cautioning possible price resistance and support levels, a crypto trading expert suggested a positive outlook for Render’s future performance.
With Render currently priced at $4.83, showing minor short-term declines but a positive trend over the past month, it’s clear that whale investors are optimistic about its long-term prospects. It’s essential for investors to conduct thorough research and exercise caution in the volatile crypto market.