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According to Spot On Chain, Kenetic Capital deposited its last tranche of holdings, 4.1 million RNDR worth approximately $20.4 million, into Binance today.
Notably, Kenetic Capital was the largest institutional holding address for RNDR before depositing all 6.6 million RNDR worth $32.5 million to centralized exchanges. Kenetic Capital is estimated to have gained $15.95 million from the RNDR sell-off.
Spotonchain gives a breakdown of moves by Kenetic Capital on its platform. Overall, Kenetic Capital received 6.225 million old RNDR from Render Token Deployer on Jan. 4, 2020, as a private-sale investor, and migrated them to the new RNDR on March 23, 2023.
The VC deposited 3.25 million RNDR worth $3.92 million to the Huobi crypto exchange at an average price of $1.216 on March 25, 2021, and Nov. 20, 2021. The firm further accumulated 4.8 million RNDR worth $18 million from HTX and Binance at an average price of $3.76 between Nov. 21, 2021 and Nov. 11, 2022.
Tomiwabold OlajideAfterward, Kenetic Capital deposited all 6.6 million RNDR worth $32.5 million to Binance at an average price of $4.92 between Dec. 24, 2023, and Feb. 14, 2024.
Render price action
Render prices fell quickly after reaching a high of $5.281 on Dec. 26. This came shortly after Kenetic Capital began selling off its holdings. After days of strong falls, RNDR reached a low of $3.37 on Jan. 8, where it found support.
The price began to rebound until bulls hit a brick wall at the $5 level at the beginning of February. RNDR declined further before recovering at the daily MA 50 support level of $4.28 on Feb. 6.
Since this date, Render's price has climbed, although the gain has been punctuated by minor price decreases.
On Feb. 13, the RNDR price soared to a high of $5.156, at which point sellers booked profit. The price retreated, with RNDR down 0.96% in the previous 24 hours to $5.
Gamza Khanzadaev
Denys Serhiichuk
Dan Burgin
Alex Dovbnya