Render has shown a sharp jump of more than 23% over the past week as on-chain data shows that large hands have continued to buy.
Render Enjoyed a Big Boost in the Last Week
The cryptocurrency sector as a whole has seen a boom recently, but Render has been among the altcoins that really stand out from the rest. While Bitcoin (BTC) and Ethereum (ETH) only saw weekly gains of around 3% and 9% respectively, RENDER showed a 23% jump.
The chart below shows how the asset’s recent performance has been.
After this sharp rise, the price of Render is now close to the $6.5 mark for the first time in four weeks. According to the market estimate, this asset has seen its valuation touch 3.3 billion dollars, placing it in 29th place in the top list of cryptocurrencies.
The coin is now chasing Pepe (PEPE), which is the 28th largest in the sector with a market cap of around $3.9 billion. Although, considering the 18% difference in their ratings, it would not be an easy task for RENDER, especially since PEPE usually shows its significant increase when the market rises.
As for what might be behind the recent boom enjoyed by cryptocurrency, perhaps on-chain data can provide a hint.
Sharks and whales have been busy buying tokens lately
According to information from on-chain analytics company, Render sharks and whales have been involved in some accumulation during the last eleven weeks.
The relevance indicator here is “Supply Distribution,” which tells us the amount of supplies a given group of wallets in the network currently owns.
In the context of the present article, a collection containing at least 100,000 token owner addresses is of interest. At the current coin price, this cut equates to just under $650,000, which is a significant amount.
As such, this group is associated with the big hands of the market, known as sharks and whales. Below is a chart shared by the analytics company, showing how the Asset Allocation of these investors holding 100,000+ coins has changed over the past few months:
From the graph, it is clear that the supply held by Render sharks and whales has seen a significant increase in the last eleven weeks or so. Specifically, these investors added 20.54 million tokens to their portfolios, which equates to 3.7% of the total.
The buying price in this group continued during the recent price increase, therefore, it could be the reason why this happened.