In a recent report, cryptocurrency on-chain analytics platform Spot On Chain revealed that Kinetic Capital has transferred a large portion of its RNDR holdings to cryptocurrency trading platform Binance.
Reports indicate Kinetic deposited 500,000 RNDR, worth approximately $2.51 million, early this morning. The latest transfer to the exchange follows a previous deposit by Kinetic. Over the past three days, Spot On Chain data shows that the company has deposited 1 million RNDR tokens worth $4.89 million on Binance.
According to the report, the firm’s activity is significant given that it is the eighth-largest holder of RNDR. As detailed, the venture capital firm currently holds approximately 5.6 million RNDR tokens, with an estimated value of $27.9 million.
Notably, this deposit occurred at a time when the value of RNDR was trending upward. RNDR’s bullish trend came on the heels of a broader market recovery driven by spot Bitcoin ETF speculation.
In particular, data from CoinMarketCap shows that the token’s price has increased by 16.26% in the past seven days. Looking at the monthly chart, RNDR is up 53% and has grown by 1,086% in the last year.
While the token was down at the time of Spot On Chain’s report, it has since recovered and is up 7.18% in the past 24 hours at press time. Currently, the token is trading at $5.01 per coin.
To date, Kinetic Capital has realized $5.82 million in total proceeds from its holdings, in addition to profits from the sale of its Render Network investment through a private placement. Given its recent recovery, RNDR is currently close to its all-time high price set in November 2021.