Render price hits new all-time high, RNDR rally undeterred by $31.65 million in profit taking
- Render price climbed to a new all-time high of $10.30 on Thursday.
- RNDR holders took $31.65 million in profits in the past week.
- RNDR social dominance, active addresses and whale transactions hit a six-month peak this week.
Render Network (RNDR) hit a new all-time high on Thursday, with the RNDR price climbing to $10.30 on Binance. The AI token narrative has made a comeback with NVIDIA’s upcoming AI conference and Elon Musk’s lawsuit against Sam Altman.
Also read: Render price, like Fetch.ai, could double its gains amid capital inflow from oncoming AI conference
Render price rallies amidst AI narratives
Render Network’s price climbed to $10.30 on March 7. The AI token has observed a massive surge in its price on Thursday as market participants’ demand for RNDR increased.
According to on-chain data from crypto intelligence tracker Santiment, RNDR has noted a spike in Active Addresses and count of whale transactions valued at $100,000 and higher. These metrics indicate the asset’s relevance and its demand among traders.
 [17.20.31, 07 Mar, 2024]-638454160231028950.png)
RNDR Active Addresses and Whale Transaction Count. Source: Santiment
At the same time, Render holders have booked $31.65 million in profits since the beginning of March 2024, according to Network Realized Profit and Loss metric from Santiment.
 [17.19.50, 07 Mar, 2024]-638454160752278864.png)
Network Realized Profit/Loss. Source: Santiment
According to Santiment data, RNDR’s social dominance has hit a six-month peak alongside its all-time high, supporting a bullish thesis and the likelihood of further gains in the token. RNDR price is $9.739 at the time of writing, with the token’s market capitalization crossing $3.6 billion on Thursday.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
