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Ethereum ETH Whales Accumulate Little Known Altcoin After Coinbase Listing

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Ethereum ($ETH) whales have rapidly moved to build up a little-known altcoin known as Render Token ($RNDR) shortly after the cryptocurrency was listed on the Nasdaq-listed cryptocurrency trade Coinbase.

In response to information shared by monitoring service WhaleStats, RNDR rapidly turned one of many most-purchased tokens by the 1,000 largest whales on the Ethereum community, who amassed over $35.5 million value of the cryptocurrency.

WhaleStats’ information reveals that RNDR purchases solely got here after purchases for Ethereum’s native cryptocurrency and three stablecoins: USDC, BUSD, and USDT. Behind it had been purchases for Decentraland’s $MANA, Polygon’s $MATIC, and Curve’s $CRV.

Render, it’s value noting, is the native token of the Render Community, a blockchain-based GPU rendering community and 3d market aiming to make high-end 3D content material creation extra accessible. Via the Render Community, node operators can monetize idle GPU processing energy to course of renders in trade for RNDR tokens.

Coinbase additionally listed different altcoins on the time it listed RNDR, specifically Aventus ($AVT) and Quantstamp ($QSP). Whereas these two different cryptoassets noticed bigger value will increase after the itemizing, solely RNDR has seen Ethereum whales transfer in.

WhaleStats’ information additionally reveals that whales’ greatest token place by greenback worth is on FTX’s native $FTT token, whereas probably the most broadly held cryptoasset is the native token of decentralized trade Uniswap.

On the time of writing, Loopring’s $LRC has additionally made its means into the listing of most bought tokens by Ethereum whales, together with Courageous’s Primary Consideration Token ($BAT).

The views and opinions expressed by the creator, or any folks talked about on this article, are for informational functions solely, and they don’t represent monetary, funding, or different recommendation. Investing in or buying and selling cryptoassets comes with a danger of economic loss.

Featured Picture by way of Pixabay

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