Render has seen a sharp rise of over 23% over the past week as on-chain data shows big hands continue to buy.
Render has enjoyed bullish momentum over the past week.
Although the entire cryptocurrency sector has been on the rise recently, Render was one of the altcoins that stood out from the rest. Bitcoin (BTC) and Ethereum (ETH) recorded weekly gains of around 3% and 9% respectively, while RENDER showed an impressive 23% jump.
The chart below shows how the asset has performed recently.
Following this rapid growth, Render’s price is now close to $6.50 for the first time in four weeks. In terms of market capitalization, the asset is valued at $3.3 billion, ranking it 29th in the list of top cryptocurrencies.
The coin is currently trailing Pepe (PEPE), the 28th largest asset in its sector, with a market capitalization of approximately $3.9 billion. However, considering the 18% valuation gap, it will not be an easy task for RENDER. This is especially true because PEPE typically shows notable gains when markets rise.
Perhaps on-chain data can provide some hints as to what could be behind the recent growth the cryptocurrency has been enjoying.
Sharks and whales have been busy buying tokens recently.
Render sharks and whales have engaged in significant accumulation over the past 11 weeks, according to data from on-chain analytics firm Santiment.
The indicator of relevance here is “supply distribution,” which tells us how much supply a specific group of wallets on the network currently holds.
In the context of the current topic, cohorts containing addresses that own at least 100,000 tokens are important. At current coin prices, this cutoff equates to less than $650,000, which is a significant amount.
This group therefore falls under the big hands of the market, popularly known as sharks and whales. Below is a chart shared by the analytics firm, showing how the supply distribution has changed for investors holding more than 100,000 coins over the past few months.
Looking at the graph, it is clear that the supply of render sharks and whales has increased significantly over the last 11 weeks or so. More specifically, these investors added 20.54 million tokens to their wallets, representing 3.7% of the total supply.
This group’s buying spree continued during the recent price surge, so that may at least be a factor as to why that happened.