Watch Out For RNDR Coin and This 7: Teams and Whales are Selling!

RNDR Coin ve o 7’sine Dikkat: Proje Ekipleri ve Balinalar Satıyor!
RNDR Coin ve o 7’sine Dikkat: Proje Ekipleri ve Balinalar Satıyor!

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The cryptocurrency market witnessed significant activity on April 17, 2024, with on-chain analysts reporting several large transfers in various coins, including the RNDR coin, by users often referred to as “whales” that include leading institutions and individual investors. These movements suggest investment potential strategies and point to broader market sentiment.

DWF Labs activates the ID, a multi-signature address activates the LDO

In an intriguing move, DWF Labs transferred a staggering 9.2 million identities to leading cryptocurrency exchange OKX, according to on-chain data analyst @ai_9684xtpa. The transaction, worth approximately $6.66 million, occurred just five minutes before the report. Although the specific purpose of this transfer remains unclear, it raises questions about DWF Labs’ future plans for these tokens.

Further analysis by @ai_9684xtpa revealed activity from the multisignature address tagged 0xA97. This address attracted a significant amount of Ethereum (ETH) from Lido, the leading liquid staking platform. The total amount of money withdrawn was 6,513 ETH, of which 5,100 ETH was later deposited to OKX. This move, valued at approximately $15.72 million, signals a potential shift in investment strategy for the organization that controls the multi-signature address. Interestingly, the address still holds a significant amount of cryptocurrency, including 10,389 ETH and 510 Wrapped Bitcoin (WBTC), with a total value of approximately $64.65 million.

Justin Sun and the Celsius network made major transfers

Separately, on-chain tracking platform Lookonchain reported that TRON founder Justin Sun has made a major transfer. Sun reported that 196 million Tether (USDT), a stablecoin pegged to the US dollar, was withdrawn from the Huobi exchange (HTX) seven hours before the report. These funds were then deposited to Binance, another major cryptocurrency exchange. The reasoning behind this move has not yet been revealed, but it could indicate portfolio diversification or potential trading activity on Binance.

Spot on Chain, another on-chain tracking service, reported a notable transaction from Celsius Network. The network deposited 8,091 ETH to Coinbase, worth approximately $24.5 million. This transfer marks the largest outflow from Celsius Network address in the last three months and potentially signals a change in investment strategy or increased need for liquidity.

Strategic moves in RNDR coin, SUSHI and UNI

On-chain data analyst Yu Jin spotted a profitable move by a whale investor. This person netted approximately $2.75 million by selling 402,875 Uniswap (UNI) tokens. It is noteworthy that the whale accumulated these UNI tokens through a combination of withdrawals from the MEXC exchange and on-chain purchases between October 2023 and January 2024. The average purchase price of these tokens was approximately $6.20 and they sold for $6.83, which is $250,000

Spot On Chain reported a transfer initiated by Render Network, a decentralized cloud computing platform. The network transferred 2.5 million RNDR coins, worth approximately $20.8 million, to a new wallet address (0x5b9). Interestingly, 1.65 million RNDR tokens (approximately $13.4 million) from this transfer were deposited to Binance within the next five hours.

Yu Jin also detected another profitable transaction involving a whale investor. This person used a significant amount of SushiSwap (SUSHI) tokens from the SushiSwap decentralized exchange platform, totaling 4.44 million. Following the redemption, the whale transferred 1.98 million SUSHI (worth approximately $1.91 million) to the Bybit exchange. The whale had previously withdrawn 4.4 million SUSHI tokens from Bybit at a price of $0.61 each in October 2023 and deposited them to SushiSwap for staking purposes. Today’s purchase and transfer to Bybit at a price of $0.97 per SUSHI indicates a potential profit of $710,000, representing a gain of approximately 59%.

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Watch Out For RNDR Coin and This 7: Teams and Whales are Selling!