Ondo Development Team Transfers ONDO to CEX Platforms

Ondo Development Team Transfers ONDO to CEX Platforms

According to an announcement on the social media platform Twitter (X), the analyst @ai_9684xtpa pointed out that on January 22nd, the Ondo Finance project’s multi-sig wallet associated with two addresses allocated 40 million ONDO (equivalent to $10 million USD at the current exchange rate) across various CEX platforms, including Coinbase, Gate, and Bybit.

九小时前，ONDO 项目方疑似再次抛售 4,000 万枚代币，转移后币价已短时下跌 15%，现价 $0.261

项目方多签钱包关联的两个地址于九小时前向 #Coinbase, #Gate, #Bybit 累计充值 4,000 万枚 $ONDO ，价值 1044 万美金

目前两个地址仍持有 1.06 亿枚代币，占流通总量的 7.79% https://t.co/cJinQN6vCB pic.twitter.com/Y7XhD5enxi

— Ai 姨 (@ai_9684xtpa) January 23, 2024

Currently, these two addresses still hold 106 million ONDO, constituting 7.79% of the total circulating supply. It is yet unclear whether this is a sell-off from the project or simply a liquidity provision action to enhance the trading environment and meet the increasing demand of users.

Ondo Finance is a DeFi project focusing on Real World Asset (RWA). It garnered attention after being listed on the US exchange Coinbase yesterday (January 22nd).

Related: Coinbase Stands to Gain the Most from Bitcoin ETF Approval

The ONDO chart following the Ondo development team’s token transfer to CEX platforms

After the ONDO token transfer, the price of ONDO quickly responded with a 15% decrease and is currently fluctuating around $0.24 USD.

Chart of the ONDO/USDT pair on the 1-hour timeframe on TradingView at 06:59 AM on January 23, 2024.