Kenetic Capital, a proprietary trading and VC investment firm focused on digital assets, has deposited around $20 million worth of Render (RNDR) tokens on Binance, the world’s largest crypto exchange by trading volume.
As per the data provided by Spot On Chain, Kenetic Capital, which is the largest institutional holding address for RNDR, deposited the last 4.1 million RNDR (approximately $20.4 million) into Binance on February 14.
The VC firm transferred a total of 6.6 million RNDR (approximately $32.5 million) on December 24, 2023. According to Colin Wu, a prominent journalist in the digital asset community, the institutional firm has gained $15.95 million from RNDR.
On the other hand, the price of RNDR has been up 1.2% in the past 24 hours, as per the data from CoinMarketCap. The trading volume of the cryptocurrency has doubled in the same period, while the market capitalization stands at $2.6 billion.
Render (RNDR) is a distributed GPU rendering network created on the Ethereum blockchain. The network aims to connect artists and studios seeking the usage of GPU compute power with digital asset miners that want to rent their GPU capabilities out.
According to a report that cites data from Lookonchain, a blockchain analysis platform, Kenetic Capital bought 4.8 million RNDR tokens from Binance and HTX between November 2021 and November 2022. The price for this purchase was $3.72 per token. Out of this purchase, 2.5 million RNDR tokens went back to Binance at a price of $4.67. Interestingly, FTX also held RNDR and recently sold a significant amount amid bankruptcy proceedings. As per Lookonchain, FTX and its sister firm, Alameda, sold 974,270 RNDR, among other assets, to repay creditors.
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