The value of the real-world asset token, $ONDO, declined by 5% today, continuing its bearish trend over the past week.
According to on-chain reports, two significant whale transactions contributed to this decline, as large holders moved their ONDO tokens to Bybit for profit-taking following the token’s listing on Upbit.
After Upbit listed ONDO, causing a brief price rebound, two whales deposited a combined 2.95 million ONDO tokens, valued at $3.86 million, to Bybit:
1. Whale 0xa87: This whale deposited 1.0 million ONDO ($1.31 million) to Bybit. Currently, the whale still holds another 1.0 million ONDO, with an estimated total profit of $808,000 (+45%). On May 22, 2024, the whale withdrew 2.0 million ONDO from Bybit at $0.904 per token (estimated cost: $1.81 million). After Upbit listed the token, the whale deposited 1.0 million ONDO back to Bybit at $1.31 per token on June 14, 2024.
2. Whale 0x440: This whale deposited 1.95 million ONDO ($2.55 million) to Bybit, marking the end of their first ONDO trade with an estimated profit of $1.94 million (+41.8%). Between May 22 and 24, 2024, the whale withdrew 5.05 million ONDO from Bybit at an average price of $0.921 (estimated cost: $4.65 million). They then deposited all the tokens back to Bybit between May 31 and June 14, 2024, at an average price of $1.306 per token, totaling $6.6 million.
Two whales deposited 2.95M $ONDO ($3.86M) to #Bybit for profits after #Upbit listed $ONDO!
1. Whale 0x440 unloaded 1.95M $ONDO ($2.55M) ➡️ Est. total profit: $1.94M (+42%).
2. Whale 0xa87 unloaded 1M $ONDO ($1.31M) ➡️ Est. total profit: $808K (+45%) with 1M $ONDO ($1.31M) left.… pic.twitter.com/c0kTwt4asL
— Spot On Chain (@spotonchain) June 14, 2024
These strategic movements by large holders highlight the significant impact that whale activity can have on token prices. The ONDO token’s recent price decline underscores the volatility in the market, particularly following major listings and profit-taking by substantial investors.
In conclusion, the bearish trend of $ONDO over the past week and the notable whale transactions reflect the ongoing market dynamics and the influence of large traders in the cryptocurrency ecosystem. As such, smaller investors should remain vigilant and consider these factors when making investment decisions.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.