Token

Render

Kenetic Capital, the most significant institutional holding of Render project tokens, transferred almost 1 million <a href="https://crypto.news/price/Render/" target="_blank" rel="noreferrer noopener">RNDR</a>. 
According to <a href="https://etherscan.io/token/0x6de037ef9ad2725eb40118bb1702ebb27e4aeb24?a=0xf265faa1fe24e94f955321d9966e932732e3eb65" target="_blank" rel="noopener">Etherscan</a>, Kenetic Capital transferred 999,990 RNDR to the cryptocurrency exchange Binance on Feb. 4. The transfer is valued at almost $4.5 million at the current exchange rate. 
Since Dec. 24, 2023, Kenetic Capital has transferred 2.5 million RNDR, or $11.25 million at the time of writing, to Binance in 42 days. Kenetic Capital currently holds 4.1 million RNDR. 
After the transfer of RNDR to <a href="https://crypto.news/tag/binance/" target="_blank" rel="noreferrer noopener">Binance</a>, the token rate reacted with a drop of 5.3% in 24 hours, becoming the top loser of the day on CoinMarketCap. The price of RNDR dropped from $4.77 to $4.41 in a few hours and recovered to the level of $4.50 at the time of writing. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="496" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-05-at-10.53.33-1024x496.png" alt="Render sheds 5.3% in 24 hour trading after 1m RNDR transfer to Binance - 20" class="wp-image-14245238">
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
 </figcaption>
</figure> 
Despite the 5.3% drop, RNDR trading volumes increased by 33% over the past 24 hours, reaching $140 million. 
Render Token functions as a network that connects users who need to render their work with idle GPU resources to speed up the rendering process and make it more efficient. It uses a decentralized system to track and manage rendering jobs at scale. 
Last week, cryptocurrency exchange Coinbase <a href="https://twitter.com/CoinbaseAssets/status/1752449300972368329" target="_blank" rel="noreferrer noopener">added</a> Render to its listing roadmap. Binance, Crypto.com, and other large centralized exchanges also previously announced the listing of RNDR. 
 You might also like: <a href="https://crypto.news/what-is-render-and-why-is-it-50-up-this-week/"> What is Render, and why is it 50% up this week? </a>

Render sheds 5.3% in 24 hour trading after 1m RNDR transfer to Binance

crypto.news

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