Recent revelations from on-chain data source Spot On Chain have shed light on a significant event in the cryptocurrency realm.
Also, it was uncovered that a total of nine cryptocurrency whales engaged in the distribution of more than 8.13 million RNDR tokens, equivalent to approximately $30.9 million USD.
Or course, this transaction occurred through the well-known cryptocurrency exchange Coinbase, based in the United States, just before witnessing a price decline of up to 7.05%.
The intricate details of this whale activity involve four distinct entities depositing 8.13 million $RNDR, with an average cost of $3.8 on Coinbase. Notable among them are whales 0x603 and 0xa63, which are presumed to be owned by a single individual. This particular duo deposited 4.61 million $RNDR, valued at $17.5 million, resulting in an estimated profit of $7.68 million.
Additionally, whales 0x68d and 0x9bc, likely associated with Multicoin Capital, engaged in the deposit of 3.52 million $RNDR, amounting to $13.4 million.
$RNDR Price Action To Watch
Interestingly, following these transactions, a subsequent development unfolded as five new whales entered the scene. This group accumulated 5.29 million $RNDR, valued at $20.2 million, from Coinbase at an average rate of $3.81. This occurred shortly after the initial deposits by the aforementioned whales.
Post the distribution and reshuffling of RNDR tokens among these cryptocurrency whales, the altcoin experienced a noteworthy decline, surpassing 7%.
At present, RNDR’s market reflects this activity with a price of $3.58, indicating a 7% decrease over the last 24 hours. This sequence of events highlights the dynamic nature of the cryptocurrency market, where large-scale transactions and strategic movements by influential entities can significantly impact the value and trajectory of specific tokens.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.