While the broader cryptocurrency market experiences a significant bullish trend, $RNDR has diverged, witnessing a decline of over 2% in the past 24 hours.
This unexpected movement follows reports from on-chain analytics firm Spotonchain indicating that Kenetic Capital has finalized the deposit of its remaining RNDR holdings onto Binance.
Kenetic Capital deposited the last 4.1M $RNDR ($20.4M) to #Binance 6 hours ago.
Notably, Kenetic Capital 0xf26 was the largest institutional holding address of $RNDR before depositing all 6.6M $RNDR ($32.5M) to CEX since Dec 24, 2023.
Estimated total profit from $RDNR: $15.95M.… https://t.co/Ne342hESQV pic.twitter.com/4noFuTljFW
— Spot On Chain (@spotonchain) February 14, 2024
According to the data provided, Kenetic Capital transferred the last 4.1 million RNDR tokens, valued at $20.4 million, to Binance at a price of $4.97, sparking a reaction among investors and market participants.
Kenetic Capital’s involvement with RNDR dates back to various strategic moves and transactions. As one of the largest institutional holders of RNDR, the firm has played a significant role in the token’s journey within the cryptocurrency ecosystem.
The timeline of Kenetic Capital’s transactions reveals a series of strategic moves, including receiving 6.225 million old RNDR tokens from Render Token: Deployer in January 2020 and subsequently migrating them to the new RNDR in March 2023.
Kenetic Capital RNDR Total Profit From Notable Transfers Hits $15.95 Million
Additionally, the firm accumulated RNDR tokens from different sources, including Huobi and Binance, at various price points between March 2021 and February 2024. Notably, Kenetic Capital’s estimated total profit from these transactions is approximately $15.95 million.
The recent deposit of RNDR holdings onto Binance signifies a significant development in the market dynamics surrounding the token. While the precise implications of Kenetic Capital’s actions remain to be seen, it has undoubtedly drawn attention from investors and stakeholders within the crypto community.
As the cryptocurrency landscape continues to evolve, market participants will closely monitor the impact of such strategic moves on RNDR’s price dynamics and overall market sentiment. Amidst ongoing market volatility, understanding the implications of institutional activities like Kenetic Capital’s deposit is crucial for informed decision-making in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.