This token is the new ‘hot pick’ by Ethereum whales alongside MANA, MATIC, AXS

Lavina Daryanani
Source: Medium

Whales usually possess the potential to manipulate currency valuations, for they buy and sell tokens in large quantities. Their actions end up impacting the waters in which other smaller fish swim.

Keeping an eye on their picks usually gives market participants an idea as to which tokens to expect price movements from.

So, what are the top whales upto now?

The top 1000 Ethereum whales are collectively quite influential. Their purchases have, more often than not, resulted in price upticks for the underlying tokens. So, in this piece, we’ll analyze their latest buy trades.

Polygon network’s native MATIC token has evolved to become one of the favorite tokens of Ethereum whales. Over the past day, it did manage to cut into the top-10 list. Alongside, Decentraland’s MANA and Axie Infinity’s AXS were the other top tokens to feature.

The list, interestingly, had a new small-cap entrant. The 96th ranked crypto, Render Token, with a $719,707,007 market cap found its way into Ethereum whale wallets on Friday.

RNDR, as such, is the native crypto asset of the Render Network, the first blockchain-based peer-to-peer GPU rendering network and 3D marketplace that aims to make high-end 3D content creation more accessible. Coinbase, one of the most prominent US-based exchanges, listed this token a couple of days back, on 2 February. The same, to some extent, managed to instigate a buying spree.

Over the past 24-hours, the top Ethereum whale addresses had bought 656 RNDR tokens worth $2171.

Source: WhaleStats

Apart from whales, other market participants have been eyeing this token too. As per data from CMC, the Render token is currently on 71,729 watchlists. In fact, data from ITB pointed out that over the past half-an-hour alone, more than 86k tokens had been additionally bought than sold in the market.

Source: ITB

Owing to the buying spree, Render’s price has started climbing up the ladder. After witnessing a 3% incline on the daily window and a 34% incline on the weekly window, RNDR was seen exchanging hands around $3.48 at the time of press.