Significant Transfer Of RNDR Tokens
The cryptocurrency monitoring tool Spot On Chain has disclosed a major transaction involving venture capital, Kinetic Capital’s RNDR holdings. Per the analytics platform, 500,000 RNDR tokens, or about $2.51 million, were recently transferred by Kinetic Capital to the renowned cryptocurrency exchange, Binance.
Interestingly, there appears to be a pattern to Kinetic Capital’s moves, and this latest deposit is only the latest example of it. One million RNDR tokens have been steadily deposited onto Binance by Kinetic Capital over the last three days before this most recent transfer. A total of $4.89 million worth of RNDR has been transferred into the exchange in a series of these transfers.
The data provided by Spot On Chain highlights how Kinetic’s crypto asset schemes are constant and smart. This calculated transfer of large sums of money further highlights Kinetic Capital’s confidence in moving funds within the cryptocurrency market, particularly through its RNDR assets.
Kinetic Capital’s Growing RNDR Assets
As the eighth-largest holder of RNDR tokens, Kinetic Capital’s recent moves have considerable significance in the crypto world. At the time of writing, the firm holds about 5.6 million RNDR tokens, worth an estimated $27.9 million.
A substantial increase in the value of RNDR happened concurrently with these strategic deposits onto Binance. Furthermore, a wider market rally, driven mostly by speculations regarding spot Bitcoin-ETF approvals, is in line with the optimistic trend shown in RNDR’s market value.
In light of RNDR’s skyrocketing value, Kinetic Capital’s moves appear deliberate, timed to capitalize on the cryptocurrency market’s upturn. Thus, the venture capital firm can make the most of its considerable holdings as RNDR enjoys a boom in value and market sentiment changes.
RNDR’s Upward Trajectory
Current CoinMarketCap data indicates that RNDR has recorded a remarkable price rise lately, gaining 14.01% over the past week. The value of RNDR has increased by 1115.64% in the last year, with a jump of 60.10% in the last 30 days.
Spot On Chain’s report caused RNDR to take a short price correction, but the asset has recovered and has now gained 6.60% in the last 24 hours and trades at $.09 per the same data. Kinetic Capital has made significant gains totaling $5.82 million from its RNDR assets.
The venture capital firm’s stake in Render Network was privately sold, adding to the gains from that transaction and this large increase in value. Meanwhile, RNDR’s price is continuing its rally and could hit its November 2021 price level when it reached its current all-time high.
This rally is a reflection of the general optimistic bias in the cryptocurrency market and a demonstration of Kinetic Capital’s strategic intelligence in making the most of its RNDR holdings in this period.