Recent activity from Wallet 0x4f5, suspected to belong to Render Network, has caught the attention of market observers, raising speculation about the project’s intentions amidst a scheduled token unlock.
In a series of transactions, the wallet deposited a substantial amount of 1.35 million RNDR tokens (valued at $10.98 million) to Binance, with an average price of $8.13 over the past few hours.
Notably, just five hours prior, the wallet received 2.5 million RNDR tokens from Render Network’s wallets, valued at $20.79 million, at a slightly higher price of $8.316 per token. Intriguingly, the wallet has since deposited 1.652 million RNDR tokens to Binance at an average price of $8.087 within the last three hours.
The Render Network moved 2.5M $RNDR (~$20.8M) to the new wallet 0x5b9 9 hours ago, of which 1.65M $RNDR (~$13.4M) has been deposited to #Binance in the past 5 hours.
Notably, Render Network was supposed to unlock only around 761K $RNDR (~$6.33M), or 0.2% of the cir. supply… pic.twitter.com/5x2B0QZnxn
— Spot On Chain (@spotonchain) April 17, 2024
The Significant Render Network Token Unlock And Impact
The timing of these transactions coincides with Render Network’s scheduled token unlock, expected to release around 760,570 RNDR tokens (~$6.33 million), representing only 0.2% of the circulating supply. However, the surplus amount of RNDR tokens sent out from the project’s wallets raises questions about its destination and purpose.
As of now, the wallet still retains 847,831 RNDR tokens, valued at approximately $6.94 million, suggesting the possibility of further token deposits to centralized exchanges in the near future. Meanwhile, Render Network has experienced a 6% decline in its token value over the past 24 hours, adding to the intrigue surrounding the recent wallet activity.
The series of transactions from Wallet 0x4f5 underscores the need for clarity and transparency regarding token movements, particularly during significant events such as token unlocks. Market participants are closely monitoring developments within Render Network, awaiting further insights into the project’s strategic decisions amidst evolving market conditions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
