Render price recovers amid whale accumulation

Render, a provider of decentralized GPU-based rendering solutions, is seeing a significant price recovery as major wallet addresses aggressively accumulate the native token.

Render (RENDER) token is ranked as one of the top AI and decentralized finance cryptocurrencies by market cap. After its native token dropped to $4.50 on September 7, Render has shown significant resistance and reclaimed the support above $6.00.

RENDER price hits ‘bottom’

According to market intelligence and on-chain insights provider Santiment, Render is showing a recovery supported by massive address accumulation. This comes after the AI ​​token bottomed near $4.60 on Sept. 18, with bears rejecting the bulls’ attempt to push higher to around $5.35 a week ago.

Most altcoins experienced significant volatility during this period, and related tokens like Bittensor (TAO) skyrocketed.

Earnings for Render have largely faded, but an uptrend amid whale accumulation has seen its price surge more than 33% in the past week. This rally coincides with a new surge in AI-related tokens.

Whales buy Render drop

Whales and sharks took advantage of recent pullbacks to buy low, a notable event for Render, as Santiment analysts noted in a post on X .

On-chain data shows that these large holders hold at least 100,000 Render tokens. Approximately 902 addresses hold 100,000 or more tokens, and large holders control 91% of the total supply.

Over the past eleven weeks, these large wallets have accumulated over 20.5 million Render tokens worth over $126.3 million. During this aggressive accumulation, whales and sharks have added 3.7% of Render’s total supply to their holdings.

While whales are bullish on altcoins, investor wallets appear to have sold off heavily. In the past month, investors have sold 21% of their assets, which whales have absorbed. Retail investors have also purchased more tokens, adding 3.6% to their portfolios.