The rendering showed a pointed jump of over 23% over the past week as on-chain data shows huge hands continue to buy.
Render has enjoyed bullish momentum over the past week
The cryptocurrency sector as a whole has seen recent growth, but Render was among the altcoins that really stood out from the rest. While Bitcoin (BTC) and Ethereum (ETH) saw weekly gains of only around 3% and 9% respectively, RENDER showed an impressive jump of 23%.
The chart below shows what the recent performance of this stock has been.
After this pointed augment, Render’s price approached $6.50 for the first time in four weeks. In terms of market capitalization, the asset’s valuation reached $3.3 billion, which ranks it 29th on the list of the best cryptocurrencies.
The coin is currently chasing Pepe (PEPE), which is the 28th largest asset in the sector and has a market capitalization of around $3.9 billion. Though given the 18% difference in their valuations, this wouldn’t be an uncomplicated task for RENDER, especially since PEPE generally shows its own noticeable growth when the market goes up.
As for what might be behind the cryptocurrency’s latest surge, perhaps on-chain data can provide some clues.
Sharks and whales have been busy buying the token lately
According to data from an on-chain analytical company SaintlyRender sharks and whales have participated in significant accumulation over the past eleven weeks.
A significant indicator here is “Supply Distribution”, which informs us about the amount of supply that a given group of wallets currently has in the network.
In the context of the current topic, a cohort containing addresses with at least 100,000 tokens is of interest. At the current price of the coin, this limit is just under $650,000, which is a significant amount.
As such, this group corresponds to the immense market hands, popularly known as sharks and whales. Below is a chart provided by the analytics firm that shows how the supply distribution for investors holding over 100,000 coins has changed over the last few months:
It is clear from the chart that the supply of Render sharks and whales has increased significantly over the last eleven weeks. More specifically, these investors added 20.54 million tokens to their portfolios, representing 3.7% of the total supply.
This cohort’s buying spree continued during the recent price augment and thus may at least be a contributing factor.
