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The Render Token (RNDR) has rapidly gained prominence in the digital asset market, as noted by Santiment, a top crypto analytics company. Previously relatively unknown, RNDR has swiftly climbed to the 45th position in market capitalization within the crypto realm. A recent surge in price, coupled with increased trading and on-chain transactions, further solidifies RNDR’s position.
Double-Digit Surge Sets RNDR Apart
RNDR stands out from the competition with its remarkable double-digit growth during the past 24-hour trading cycle. Among the top 100 cryptocurrencies, RNDR is the only asset to achieve such significant growth, showcasing its potential and attracting attention.
RNDR’s growth trend has established a consistent presence within the ongoing May rally. Despite this positive development, Santiment warns about a surge in whale transactions, marking the third-highest volume within the past month.
While traditional market trends may suggest a profit-taking phase, RNDR’s distinctive behavior indicates the potential for a sustained price rise, despite the presence of substantial whale transactions.
Rising ‘Shark’ and ‘Whale’ Addresses
Santiment’s data adds credibility to the notion that the RNDR rally still has room for growth. The number of addresses holding 1 to 10 million RNDR has spiked, reaching an all-time high of 90. This significant increase suggests that the rally may still be in progress rather than entering a profit-taking phase.
Also Read: Crypto Market Analysis: Top 4 Metaverse Token With Bullish Outlooks for June and July
Investors, Watch Out for Crowd Euphoria!
Santiment also raises concerns about potential crowd euphoria surrounding RNDR. With RNDR becoming a hot topic in the crypto market, its social dominance in discussions among the top 100 market cap coins has risen to 0.4%. Although seemingly insignificant at first glance, considering its typical level of 0.1%, this trend could indicate an upcoming price peak driven by the crowd.
