Yesterday, the native token of Ondo DAO, $ONDO, surged by over 50% after the announcement of its Coinbase listing and the expansion into the Asia Pacific region.
The move was accompanied by the opening of its first regional office.
However, recent reports suggest that the ONDO team executed a transfer of 40 million $ONDO tokens to various exchange addresses. Approximately nine hours ago, suspicions arose about the project team selling 40 million tokens.
The ONDO team once again transferred 40 million ONDO to multiple exchange addresses today, according to @ai_9684xtpa. After the transfer, the currency price fell by 15% for a short period of time. It is uncertain whether it is an official sell-off or the provision of liquidity.…
— Wu Blockchain (@WuBlockchain) January 23, 2024
More $ONDO Whale Transfer That’s Still Uncertain To The Community
The associated addresses, linked to the project party’s multi-signature wallet, deposited a total of 40 million $ONDO coins to Coinbase, Gate, and Bybit, translating to $10.44 million. Subsequently, $ONDO experienced a decline of over 15%, currently trading at $0.23.
The nature of this transfer remains uncertain, leaving the community to speculate whether it signifies an official sell-off or the provision of liquidity. As a result of this event, the two addresses still retain 106 million tokens, constituting 7.79% of the total circulation.
The cryptocurrency market, known for its volatility, often reacts swiftly to significant developments.
In this case, $ONDO’s recent price movements reflect the impact of both positive news, like the Coinbase listing, and the uncertainties introduced by the reported token transfer.
Investors and enthusiasts are closely monitoring the situation for further insights and potential clarifications from the ONDO team.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: peshkov/123RF // Image Effects by Colorcinch