Ethereum Whales Are Pouncing on Little-Known Altcoin That Coinbase Just Listed

Data from whale-surveilling platform WhaleStats shows that deep-pocketed crypto investors are buying the low-cap altcoin Render Token (RNDR). 

Coinbase announced this week that RNDR will be available on its platform effective February 2nd.

Render became the fifth most purchased token among the top 1,000 biggest Ethereum holders on Thursday. The richest crypto investors bought an average of 616 RNDR coins, worth $2,171, over a 24-hour period.

WhaleStats numbers also reveal that whales are accumulating the crypto assets of the virtual reality world Decentraland (MANA), securities token platform Polymath (POLY), layer-2 scaling solution Polygon (MATIC), decentralized game universe Axie Infinity (AXS) as well as the decentralized finance (DeFi) altcoin Curve DAO Token (CRV).

RNDR is the native crypto asset of the Render Network, the first blockchain-based peer-to-peer GPU rendering network and 3D marketplace that aims to make high-end 3D content creation more accessible.

Says Coinbase on the newly-listed token,

“By utilizing the Render Network, node operators can choose to monetize their idle GPUs by processing renders in exchange for Render Tokens (RNDR). RNDR can then be used within the network to render 3D content or be exchanged for other cryptocurrencies in order to pay operational costs.”

Render surged to $4.07 following Coinbase’s announcement, but has since retraced. At time of writing, the token is trading at $3.33.

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