ONDO experienced a sharp 13% decline as reports surfaced about Ondo Finance offloading 20 million tokens, presumed to be the primary catalyst behind the price drop.
Ondo Finance, a U.S.-based issuer of tokenized securities, is under suspicion of selling 20 million ONDO tokens, resulting in a significant 13% decrease in the currency’s value over a brief period.
This development raised concerns, prompting a crypto enthusiast identified as X to conduct a deeper investigation into the token sale.
Large ONDO Token Transfers Trigger Price Drop As per X user AI’s findings, an address labeled 0x415…72298 received 50 million ONDO tokens, valued at around $10.97 million, from the project’s multi-signature address three days ago. Subsequently, 10 million tokens were transferred to Gate and Kucoin a few hours ago.
At the latest update, the address still holds a substantial amount of 118 million ONDO tokens, equivalent to approximately $31.77 million.
The significant dip in Ondo Finance’s token price this morning, sliding from $0.3062 to $0.254, is attributed to the suspected sale, according to AI. Concurrently, Ondo’s trading volume surged to $211,932,704 in the last 24 hours, marking a 50.10% increase from the previous day, indicating heightened market activity.
Notably, the global cryptocurrency market cap is currently down at $1.6 trillion today, reflecting a 1.3% change in the last 24 hours. This broader crypto market trend might also contribute to the ONDO plunge.
Ondo Finance’s Recent Expansion In a significant move, Ondo Finance officially announced the opening of its first office in the Asia Pacific (APAC) region today. Despite holding close to 40% of the global tokenized securities market, the project unveiled its three tokenized products: OUSG, OMMF, and USDY, exposing various U.S.-based asset classes like U.S. Treasuries and money market funds.
Ondo Finance recently issued new tokens, unlocking 14.3% of its native ONDO. Remarkably, the platform’s tokenized products collectively value over $200 million, with OUSG holding the highest valuation, according to rwa.xyz.
Nathan Allman, the founder and CEO of Ondo Finance, expressed excitement about the expansion, citing the active and rapidly growing crypto community in the APAC region. He emphasized the notable appreciation for the high-quality exposure to U.S. assets offered by Ondo’s tokens.
In November, Ondo collaborated with the Mantle Network to launch USDY, a tokenized note backed by U.S. Treasuries and bank deposits. Additionally, as detailed in a post on X, the company expanded its presence by launching USDY on the Solana blockchain in December.
