Listed by Coinbase on Wednesday Render Token (RNDR) experienced 30% volatility in one day.
The fact that the listing coincided with a 6% pullback in Bitcoin seems to have made it difficult for the so-called “Coinbase effect” on the price to be permanent.
However Ethereum whales Coinbase post-listing direction to RNDR It looks like it’s translated.
Because, according to the data of Whalestats, which monitors the top 1000 Ethereum whales, RNDR has risen to the 5th place among the most purchased tokens by the top Ethereum whales.
The first 1000 Ethereum whales were holding 35.5 million worth of RNDR at the time of sharing.
What is Render Network and RNDR Token?
Render Networkis an Ethereum-based network that offers decentralized rendering solutions.
Render Network is designed to connect users who want to render renders with people who have idle GPUs to render renders.
These GPU owners become “Node Operators” and can earn RNDR Tokens after registering their idle GPU with the Render Network.
They do this by accepting work from users who need render work, known as “Creators”, who send their files to the Render Network where they are assigned to Operators. Render takes a small percentage of the RNDR paid to protect the network and streamline the process.
RNDR As of our news hour, it continues to be traded at $ 3.36.
*Not Investment Advice.