- Whale purchased 10 million ONDO tokens in the last half day.
- ONDO price drops to $1.47 today after a week-long bull run to its ATH.
The crypto bull market enthusiasm dimmed as Bitcoin returned to its $95,000 – $96,500 price range. Several altcoins such as Ethereum, XRP, Solana, BNB, Cardano, and Dogecoin have also slowed down with little to no price rises in the last 24 hours. Overall, the crypto market capitalization decreased by more than 5% and dropped to $3.43 trillion.
As per Coinglass data, more than $1.7 billion worth of funds were wiped out in one day while small-cap liquidations totaled $564 million. Dec 10 will remain in history with this much amount of liquidations in a single day. Following the suit of several altcoins, Ondo Finance price is also dropping to a large extent.
Market crashes and price drops always lead to FOMO and panic selling for some traders. However, whales and pro-traders take this opportunity to buy cryptocurrencies at low prices, who believe in the potential of future growth in crypto. On similar lines, a whale bought more than 10 million ONDO tokens in less than half-a-day.
10 Million ONDO Purchase in 12 hours
Massive $ONDO purchase detected!
This whale created a new wallet 11 hours ago and has since spent 4,611 $ETH ($17.1M) to buy 10.978M $ONDO at an average price of $1.553 during the market crash.
Follow @spotonchain and track this whale’s address at https://t.co/t3unrYyZMN pic.twitter.com/GDEYAYt7Ux
— Spot On Chain (@spotonchain) December 10, 2024
As per on-chain analysis platform, Spot On Chain, a new crypto wallet was created around 14 hours ago and went on a spree of ONDO purchases. Based on the data, the whale spent 4,611 ETH, worth over $17.1 million, to buy 10.978 million ONDO tokens. The average price of this ONDO purchase is $1.553 as the token price is plunging from its ATH.
ONDO Token Weekly Price (Source: CoinMarketCap)
The ONDO token price has risen since November and accelerated at the beginning of this month. It eventually reached an ATH of $1.95 which was first recorded earlier this year. However, the ONDO token is currently trading at around $1.55 with a price drop of around 4% in the last 24 hours. Even though the market cap also decreased by 4%, the trading volume is still up by 138%.
The new Whale’s more than 10 million ONDO purchase and the staggering 138% rise in the market cap might indicate an upcoming price rise. Ondo has already gained a loyal community having Blackrock’s support and being one of the emerging RWA crypto projects.
Considering all the factors, analysts are predicting a perfect storm is building behind Ondo Finance. In case ONDO market price gets back on its upward price movement, it doesn’t take long for ONDO to reclaim its all-time high value!
