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Whale buys million-dollar token from Ondo Finance - cryptocurrency on the rise
A whale withdrew 6.53 million ONDO tokens from crypto exchange Bybit within the last month. The value of these tokens is over $6 million. ONDO-Finance aims to offer institutional financial products and services over a public blockchain by tokenizing RWAs and developing financial protocols that integrate these tokens. Another whale withdrew 1.98 million ONDO tokens worth nearly $1.83 million from crypto exchange Gate.io within an hour. ONDO is currently trading at a price of $0.922 and is up more than 8% in the last 24 hours. Additionally, the token hit a new all-time high of $0.9702 on Monday morning. Another whale deposited 11,275 Ethereum worth $37.4 million on the Binance crypto exchange, suffering a loss of about $500,000. The whale then took action to get back into the second-ranked crypto asset after the price rose.
Whale buys million-dollar token from Ondo Finance - cryptocurrency on the rise
Whales are buying an emerging cryptocurrency focused on tokenizing real-world assets. According to crypto tracker Lookonchain, a whale withdrew 6.53 million ONDO tokens, the native currency of Ondo Finance, from crypto exchange Bybit within the last month. This treasure is worth more than $6 million. Ondo Finance aims to provide institutional financial products and services over a public blockchain by tokenizing RWAs and developing financial protocols that integrate these tokens.
Lookonchain also notes that another whale withdrew 1.98 million ONDO worth nearly $1.83 million from crypto exchange Gate.io within an hour on Sunday. A third whale also withdrew 937,600 ONDO worth $864,867 from Gate.io a few hours earlier, the blockchain tracker shows.
At the time of writing, ONDO is trading at $0.922. The cryptocurrency, ranked 91st by market capitalization, is up more than 8% in the past 24 hours and is up nearly 124% over the past week. The token also hit a new all-time high of $0.9702 on Monday morning, CoinGecko reported.
Lookonchain also mentions that a whale deposited 11,275 Ethereum (ETH) worth $37.4 million on the largest crypto exchange Binance over the weekend for a loss of about $500,000. The whale then took action to get back into the cryptocurrency after its price rose. As the blockchain tracker explains: “As the price of ETH rose, he withdrew 9,092 ETH ($31.7 million) from Binance… and borrowed 18 million USDT to buy more ETH.”
Table: Impact of whale purchases on ONDO and ETH
| action | Cryptocurrency | Crowd | Value |
|---|---|---|---|
| Withdrawal from Bybit | ONDO | 6.53 million | Over $6 million |
| Withdrawal from Gate.io | ONDO | 1.98 million | Nearly $1.83 million |
| Withdrawal from Gate.io | ONDO | 937,600 | $864,867 |
| Deposit at Binance | ETH | 11,275 | $37.4 million |
| Withdrawal from Binance | ETH | 9,092 | $31.7 million |
These events have caused the price of ONDO to rise sharply in recent days. The cryptocurrency has seen a huge increase in value and reached a new all-time high. This shows the increased interest of investors in Ondo Finance’s project.
The whale's deposit and withdrawal of ETH from Binance also shows the confidence of major investors in this cryptocurrency. Despite suffering a loss, the whale appears to be investing in the crypto market as the price of ETH has increased.
It is important to note that this information is based on data from Lookonchain and that the behavior of whales in the crypto markets can often result in large price fluctuations. Investors should continue to conduct their own research and carefully consider their investment decisions.
Lack of information: No information was provided regarding the whales' backgrounds or motivations. It is also not known whether other investors have carried out similar transactions.