REN: multi-million exchange deposits spotted

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Santrends
Sep 16, 2021

Assets covered: REN

Metrics used: Exchange Flow Balance, Whale Transaction Count, Active Deposits, Active Addresses, Trading Volume, Social Volume, Network Growth


Have you noticed a "Key Stakeholders Signals" panel on Sanbase home page? It's a nice tool for monitoring anomalies on the market. This panel revealed yesterday that someone has deposited millions in REN to a number of different exchanges. Is REN in danger? Let's see.


This is how we've noticed the anomaly:

Source: Sanbase

If we take the biggest transaction and plot REN token flows from the sender using the Historical Balance tool or simply clicking it, we would notice REN being spread between three exchanges: Coinbase, Binance and Okex:

And here's how sender's REN balance look like historically (against REN price):

Source: Sanbase

Dump alert? May be. If it's not a professional marketmaker preparing to absorb upcoming REN volatility. Let's take a look at general onchain data for REN.


First of all, we do see a strong exchange inflow spike, actually highest since February:

Source: Sanbase

Second, whale transaction count revealing a noticeable REN whales activity:

Source: Sanbase

Third, is this activity coming from whales only? No, we can see a massive increase of REN deposits over the network. It's not only whales moving REN to exchanges:

Source: Sanbase

Basically all three major 'volumes' are up (active addresses count, trading volume and social volume):

Source: Sanbase

Even the Network Growth is up sharply, indicating that amount of new addresses interacting with REN has blasted:

Source: Sanbase

Finally, if we look at pure price action, we might suggest we're in the middle of local uptrend, wave 3 from classic 5. The third waves tend to happen with the biggest activity under the hood:

Source: Sanbase

Thus we probably have a chance to face a short term correction in REN. And then the last wave up, before midterm cool down.



Fundamentals matter?


After a period of decline there's been a decent uptick in renBTC over the past few weeks:

Source: Sanbase

It's also worth noticing that the historical balance of REN Darknode registry (smart contract holding bonds of all Darknode Operators) seems to have plateaued over the past few months:

Source: Sanbase

Watch this space.



Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

RENDEFI
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Santrends
Sep 16, 2021

Thanks for reading!

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