The position trader booked an estimated $13.2 million (345%) profit by buying and patiently holding for seven months. The position trader’s cryptocurrency, Render (RNDR), has become known as the “Nvidia of cryptocurrencies” and is building a decentralized network for GPU rendering.
especially, Spot on Chain The report covers a seven-month period of position trading that began with the purchase of 1.69 million RNDR on Coinbase. The withdrawals were made between November 2 and November 10, 2023. At the time, the position was valued at approximately $3.83 million, with an average price of Render of $2.265.
After building up a position, this trader lay dormant for seven months, patiently waiting for the right moment to sell. Interestingly, this whale missed Render's price highs in March, but remained stationary during the massive crash in April.
The trader decided to lock in profits as prices recovered, and moved his entire lend stack to Coinbase on May 24. Notably, the 1.69 million RNDR was trading at a price of $17.03 million at the time of the transaction, thus bringing the position trader’s estimated profit to $13.2 million, a 345% increase from his initial investment in November of last year.
What is position trading and how does it benefit traders?
Position trading is a long-term strategy in which you hold a position for weeks, months or even years.
This approach allows traders to capitalize on important market trends and capture big profits over the long term. By focusing on the bigger picture, position traders avoid the noise and volatility of short-term price movements.
Moreover, this strategy requires less time and effort compared to other trading styles such as day trading. Position traders can do thorough research and analysis to identify high quality assets with strong fundamentals and growth potential.
Additionally, by holding positions for longer periods, position traders can enjoy compound interest and lower trading costs. However, it is important to manage risk effectively and be patient when adopting this strategy.
RNDR: “The Nvidia of Crypto” Price Analysis
Lender has been dubbed the “Nvidia of cryptocurrencies” due to its strong performance and alignment with the AI and GPU sectors. The RNDR token increased 345% between November 2023 and May 2024 due to market interest in AI-related assets.
Additionally, Render's distributed GPU rendering solution democratizes access to high-quality rendering and reflects Nvidia's influence in the gaming industry. The growing demand for GPU-intensive applications is aligned with Render's focus on providing GPU computing power for a variety of tasks.
As of May 26, RNDR's market cap was $3.9 billion and its share price was $10.15, indicating strong growth potential and investor confidence.
Position traders have been looking to the “NVIDIA of crypto” for a solid investment that’s currently paying off.
Disclaimer: The content of this site does not constitute investment advice. Investing is speculative and your capital is at risk when investing.
