Maker

Render

Uniswap

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, <a href="https://coingape.com/markets/render-price-prediction-whats-ahead-rndr-after-surge-50/" target="_blank" rel="noopener">RNDR’s price</a> slipped nearly 3% in the past 24 hours, falling in line with a stockpile of market statistics. 
Here’s a closer look into these metrics and what the Render token’s long-term prospects look like. 
<h2 id="market-maker-dumps-colossal-amounts-of-rndr">Market Maker Dumps Colossal Amounts of RNDR</h2> 
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. 
Notably, the address still holds 550K RNDR tokens, worth $6.07 million, birthing speculations over future dumps which could again bring about increased selling pressure to the token. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 7 hours ago, the 0x537 (belongs to <a href="https://twitter.com/GSR_io?ref_src=twsrc%5Etfw">@GSR_io</a>) just deposited 500k <a href="https://twitter.com/search?q=%24RNDR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RNDR</a> (~$5.56M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>. 
 Just now, this wallet still has 550k <a href="https://twitter.com/search?q=%24RNDR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RNDR</a> (~$6.07M). 
 Address:<a href="https://t.co/1XJH8YuQpd">https://t.co/1XJH8YuQpd</a> <a href="https://t.co/jYCYYuSikO">pic.twitter.com/jYCYYuSikO</a> 
 — The Data Nerd (@OnchainDataNerd) <a href="https://twitter.com/OnchainDataNerd/status/1789114472952672716?ref_src=twsrc%5Etfw">May 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Meanwhile, it’s worth mentioning that the remarkable weekly gains illustrated by the <a href="https://coingape.com/render-whales-triggered-the-40-rndr-price-rally-last-week-whats-next/" target="_blank" rel="noopener">Render token</a> comes alongside a phenomenal spike in whale activity, which triggered a rising price action for the crypto. Further, the recent rise in <a href="https://coingape.com/glossary/artificial-intelligence/" target="_blank" rel="noopener">AI</a> 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 despite today’s slip. 
Also Read: <a href="https://coingape.com/uniswap-founder-unveils-key-threat-behind-bidens-potential-us-election-loss/" target="_blank" rel="noopener">Uniswap Founder Unveils Key Threat Behind Biden’s Potential US Election Loss</a> 
<h2 id="rndr-price-dips-what-s-next">RNDR Price Dips, What’s Next?</h2> 
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. 
Coinglass data illustrates that RNDR’s open interest dipped 1.99%, reaching $183.09 million, whereas derivatives volume dropped 6.41% to $734.18 million. Underscoring loss of investor interest and reduced market activity, this further rationalizes the token’s today’s tumbled movement. 
Meanwhile, the RSI hovered at 65, with a buying sentiment prevailing within the market. This hinted that the token has yet to reach overbought territory, with potential gains lying ahead. Conversely, the market may witness a price correction if an overbought territory is reached. 
On the other hand, with the coin gaining roughly 27% over the past week, sentiments of a due price correction already loomed. 
Also Read: <a href="https://coingape.com/ethereum-gas-fee-hits-four-year-low-after-dencun-upgrade-a-boon-or-bane/" target="_blank" rel="noopener">Ethereum Gas Fee Hits Four-Year Low After Dencun Upgrade, A Boon or Bane?</a> 
The post <a href="https://coingape.com/render-rndr-price-slips-following-27-rally-here-why/">Render (RNDR) Price Slips Following 27% Rally, Here’s Why</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Render (RNDR) Price Slips Following 27% Rally, Here’s Why

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Coingape News Media

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