In the last half-day, a massive purchase of 10 million ONDO tokens by a whale caused the price to drop to $1.47, following a week-long bull run to its all-time high (ATH). The overall crypto market also experienced a downturn as Bitcoin returned to the $95,000 – $96,500 price range, leading to a drop in the market capitalization by more than 5% to $3.43 trillion. Altcoins like Ethereum, XRP, Solana, BNB, Cardano, and Dogecoin also saw minimal price rises in the last 24 hours.
According to Coinglass data, over $1.7 billion worth of funds were wiped out in a single day, with small-cap liquidations totaling $564 million on December 10th. Despite the market crash and price drops causing FOMO and panic selling among some traders, whales and pro-traders saw an opportunity to buy cryptocurrencies at low prices. In line with this strategy, a whale purchased more than 10 million ONDO tokens in less than half a day, taking advantage of the downward trend in prices.
The whale’s significant purchase of ONDO tokens was detected by an on-chain analysis platform, Spot On Chain, which revealed that a new wallet was created 14 hours ago. The whale spent 4,611 ETH, equivalent to $17.1 million, to acquire 10.978 million ONDO tokens at an average price of $1.553 during the market crash. This activity suggests a strong belief in the future growth potential of ONDO, despite the current price fluctuations.
The ONDO token had been on an upward trajectory since November, reaching an ATH of $1.95 earlier this year. However, the token is currently trading at around $1.55 with a 4% drop in the last 24 hours. Despite the decrease in market capitalization by 4%, the trading volume has increased by 138%. The recent massive purchase of ONDO tokens by the whale and the significant rise in market cap hint at a potential price surge in the near future.
With a loyal community backing it and support from Blackrock, Ondo Finance is gaining traction as one of the emerging RWA crypto projects. Analysts suggest that a perfect storm may be brewing behind Ondo Finance, and if the market price of ONDO starts to climb again, it won’t be long before the token reclaims its all-time high value. The positive indicators and the whale’s investment in ONDO tokens point towards a promising future for the project amidst the volatile crypto market conditions.
