The native utility token of Render Network, RNDR, has emerged as the top gainer among the top 100 crypto assets.
Render (RNDR) price is up by 40% in the past 24 hours and is trading at $3.17 at the time of writing.
The asset’s market cap currently stands at $1.17 billion, making it the 51st largest cryptocurrency. Render’s 24-hour trading volume skyrocketed by 353%, reaching a whopping $367 million.
According to data provided by the market intelligence platform Santiment, Render’s social volume witnessed a 131% surge over the past day. The price and social hike come as RNDR’s whale activity skyrocketed in the past 24 hours.
Per Santiment, whale transactions consisting of at least $100,000 worth of RNDR tokens surged by 146% in the past 24 hours — rising from 42 to 103 transactions per day.
When the whale activity of a token witnesses a sudden hike, the volatility of the asset is expected to grow as well since the market could be manipulated by big players.
Before the surge came, RNDR’s total open interest (OI) saw a small hike. According to Santiment, Render’s total OI rose from $27 million on Nov. 14 to $30 million on Nov. 15. However, it’s not clear whether short or long position holders are dominant until further price movements.