An altcoin seems to have attracted the attention of whales after the popular cryptocurrency exchange Coinbase’s listing announcement. Render Token (RNR), RNDR took its place in WhaleStats, which examines the transactions of whales, after Coinbase announced that it will be available from February 2. As Kriptokoin.com, we convey the details…
Altcoin RNDR enters whale wallets
Render became the fifth most bought token among the top 1,000 Ethereum whales on Thursday. The wealthiest crypto investors bought an average of 616 RNDR coins worth $2,171 in a 24-hour period. According to WhaleStats, the whales also focused on Decentraland (MANA), Polymath (POLY), Polygon (MATIC), Axie Infinity (AXS), Curve DAO Token (CRV).
The interest in whales came after Coinbase listed the coin. Render went from $2.50 to $4.07 after the stock market’s announcement. Although trading at $3.48 at the time of writing, with a decline of 1.9 percent, its one-week and one-month returns are at 37.2 percent and 20.4 percent, respectively.
What is Render Token (RNDR)?
RenderToken (RNDR) is a distributed GPU rendering network built on top of the Ethereum blockchain that aims to connect artists and studios that need GPU computing power with mining partners who want to rent their GPU capabilities. In 2009, OTOY, Inc. Designed by. Launched in 2017, RNDR held its first public token sale in October of the same year, followed by a private sale period from January 2018 to May 2018, during which a total of 117,843,239 RNDRs were sold for the price of 1 RNDR.
During the private sale period, token early adopters, beta node operators and artists were included in the RNDR Beta Testnet, where they worked collaboratively with the RNDR team to build and test the network until it went public on April 27, 2020. RNDR is an ERC-20 utility token used by network artists to exchange GPU computing power from GPU providers (node operators). RNDR uses a manual and automated proof of work system to verify the successful creation of techniques in the artwork.
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