Ethereum ($ETH) Whales Accumulate Little-Known Altcoin After Coinbase Listing


Ethereum ($ETH) whales have quickly moved to accumulate a little-known altcoin called Render Token ($RNDR) shortly after the cryptocurrency was listed on the Nasdaq-listed cryptocurrency exchange Coinbase.

According to data shared by tracking service WhaleStats, RNDR quickly became one of the most-purchased tokens by the 1,000 largest whales on the Ethereum network, who accumulated over $35.5 million worth of the cryptocurrency.

WhaleStats’ data shows that RNDR purchases only came after purchases for Ethereum’s native cryptocurrency and three stablecoins: USDC, BUSD, and USDT. Behind it were purchases for Decentraland’s $MANA, Polygon’s $MATIC, and Curve’s $CRV.

Render, it’s worth noting, is the native token of the Render Network, a blockchain-based GPU rendering network and 3d marketplace aiming to make high-end 3D content creation more accessible. Through the Render Network, node operators can monetize idle GPU processing power to process renders in exchange for RNDR tokens.




Coinbase also listed other altcoins at the time it listed RNDR, namely Aventus ($AVT) and Quantstamp ($QSP). While these two other cryptoassets saw larger price increases after the listing, only RNDR has seen Ethereum whales move in.

WhaleStats’ data also shows that whales’ biggest token position by dollar value is on FTX’s native $FTT token, while the most widely held cryptoasset is the native token of decentralized exchange Uniswap.

At the time of writing, Loopring’s $LRC has also made its way into the list of most purchased tokens by Ethereum whales, along with Brave’s Basic Attention Token ($BAT).

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured Image via Pixabay

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