Kenetic Capital Deposits 4.1 Million RNDR Tokens into Binance, Profits $15.95 Million

Introduction

Kenetic Capital, a prominent institutional investor, has recently deposited its last tranche of holdings into Binance. The deposit consists of 4.1 million RNDR tokens, which are valued at approximately $20.4 million.

Background

Before making this deposit, Kenetic Capital had already deposited a total of 6.6 million RNDR tokens, worth $32.5 million, to centralized exchanges. This move has resulted in an estimated profit of $15.95 million for the firm.

Kenetic Capital's Moves

Spotonchain, a platform that tracks blockchain transactions, provides a breakdown of Kenetic Capital's moves. The firm initially received 6.225 million old RNDR tokens from Render Token Deployer on Jan. 4, 2020, as a private-sale investor. These tokens were later migrated to the new RNDR on March 23, 2023.

On March 25, 2021, and Nov. 20, 2021, Kenetic Capital deposited 3.25 million RNDR tokens, worth $3.92 million, to the Huobi crypto exchange. The firm also accumulated 4.8 million RNDR tokens, worth $18 million, from HTX and Binance between Nov. 21, 2021, and Nov. 11, 2022.

Finally, on Dec. 24, 2023, Kenetic Capital deposited the remaining 6.6 million RNDR tokens, valued at $32.5 million, to Binance.

Price Action

The price of RNDR experienced significant fluctuations during this period. After reaching a high of $5.281 on Dec. 26, the price fell rapidly as Kenetic Capital started selling off its holdings. On Jan. 8, RNDR reached a low of $3.37 before finding support.

The price then began to rebound but faced resistance at the $5 level in early February. On Feb. 6, RNDR found support at the daily MA 50 level of $4.28. Since then, the price has been gradually increasing, with minor price decreases along the way.

On Feb. 13, RNDR reached a high of $5.156 before sellers booked profit. As of the previous 24 hours, the price of RNDR was $5, representing a 0.96% decrease.

Conclusion

Kenetic Capital's recent deposit of 4.1 million RNDR tokens into Binance highlights the firm's active involvement in the cryptocurrency market. With a total profit of $15.95 million from the RNDR sell-off, Kenetic Capital has demonstrated its ability to navigate the market successfully. Investors should closely monitor the price of RNDR as it continues to fluctuate.