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25 June 2024
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Altcoins

This Ethereum-based Altcoin Could 10x Your Investment in a Short Time – Santiment

Market intelligence firm Santiment has spotted an Ethereum (ETH)-based altcoin that is likely to rake in millions of dollars for its investors. According to the crypto analytic firm, renowned whales have been gathering around this altcoin amidst a bull run that is likely to last for a long time.

This new coin is powering an image-synthesizing ecosystem known as Render Token (RNDR) which was launched two years ago.

In the last few days, there has been a significant increase in the number of wallet addresses and whale transactions associated with RNDR. Already, whale transactions are hitting their third-highest level this month, per a Santiment statement.

Hence, it is most likely that a significant percentage of these investors are selling for profit. Santiment referred to a trading chart to point out the last two $100,000+ whale spikes of this nature.

Per the chart, the last time there was a similar spike in whale transactions, the price of RNDR continued to rise.

This defeated expectations that increased whale transactions will destroy the rallies of the token. Again, the outstanding surge in the number of active addresses holding RNDR is another indication that a downward trend is not expected any time soon.

Render (RNDR) Rally Seem Not to be Over
Specifically, the blockchain analytic platform cited that the theory that the RNDR rally isn’t over is elucidated by a look at how the key shark and whale RNDR addresses are continuing to rise in terms of their number of addresses.

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