Analysts from cryptocurrency data provider Santiment have identified increased whale and shark investor activity in an altcoin.
According to the statement, the Render (RNDR) altcoin witnessed an approximately 33% increase in its price after its market value bottomed last week.
Whale and shark cryptocurrency wallets, identified by their presence in RNDR, an artificial intelligence (AI) and DeFi-themed altcoin, have accumulated a total of 20.54 million more tokens in the past 11 weeks.
The total value of the tokens purchased by whales is worth $126.3 million. However, these large wallets currently own 91.82% of the total RNDR token supply. Some cryptocurrency investors argue that this is a worrying situation as a significant portion of the token’s total supply is centralized.
However, it is also noteworthy that cryptocurrency whales and sharks are showing enough interest to accumulate the RNDR token to this extent.
Cryptocurrency analyst il Capo recently claimed that Nvidia stocks are about to make a new ATH and suggested that this could affect AI-themed altcoins.
*This is not investment advice.