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The Render token sees a decline of 11% while the multicoin capital makes large deposits
Render token, an Ethereum-based distributed GPU rendering token, suffered a sharp 11% drop in its value today, marking a significant drop in its price.
This drop comes amid a period of volatility in the cryptocurrency market, with investors closely monitoring developments within the ecosystem.
According to data from Spotonchain, Wallet 0x888, believed to be associated with Multicoin Capital, recently made a substantial deposit of 3 million RNDR tokens, equivalent to $33.61 million, on the Coinbase platform at a price of $11.2 per token .
Notably, these tokens were part of the 58.28 million RNDR tokens initially transferred from two Render Network wallets to Multicoin Capital’s 0x927 wallet in 2022.
Wallet 0x888 (probably belongs to @multicoincap) filed 3M $RNDR ($33.6 million) a #Coinbase 2 hours ago.
Notably, these tokens were part of the 58.28M $RNDR issued by @rendernetwork to Multicoin Capital in 2022;
The VC then distributed their files $RNDR on multiple wallets, which… pic.twitter.com/XCv0G4t5rX
— Spot On Chain (@spotonchain) May 14, 2024
RNDR distribution of the rendering token on the wallets to be monitored
After the initial transfer, Multicoin Capital distributed the tokens across multiple wallets, with 11 wallets still holding a combined 20.74 million RNDR tokens, worth approximately $233 million. This fund movement by Multicoin Capital highlights its continued interest and involvement in the Render Token ecosystem.
Wallet 0x888’s deposit of a significant amount of RNDR tokens to Coinbase highlights the ongoing activity and engagement within the Render Token community. While the exact reasons behind the filing remain undisclosed, this indicates continued interest from institutional players such as Multicoin Capital in the project.
As investors navigate the fluctuating cryptocurrency market, developments like these serve as important indicators of market sentiment and trends.
Actions by major stakeholders, such as Multicoin Capital, can have a substantial impact on token prices, underscoring the importance of monitoring such activities to gain insights into market dynamics and investment opportunities.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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