Recently, interest in the tokenization of real-world assets has been increasing in the altcoin world, and one of the most remarkable projects in this field is also attracting the attention of whales. Whales are known as investors who control large amounts of crypto assets and have decisive power in the market. This time, the whales’ focus is on a crypto project to tokenize real-world assets (RWAs).
crypto tracker lookonchainannounced that a whale withdrew 6.53 million Ondo (ONDO) from crypto exchange Bybit last month. The total value of this withdrawal was over $6 million. Additionally, a different whale withdrew 1.98 million ONDO worth approximately $1.83 million from crypto exchange Gate.io on Sunday, according to data from Lookonchain.
Whales are accumulating #RWA token $ONDO!
Whale”0x56F9″ withdrew 6.53M $ONDO($5.88M) from #bybit in the past month.
NEWS CONTINUES BELOWFresh wallet”0x92dD” withdrew 1.98M $ONDO($1.78M) from #Gateio in the past hour.
Wallet”0xE6bf” withdrew 937,600 $ONDO($845K) from #Gateio 3 hours ago
NEWS CONTINUES BELOWAddress:… pic.twitter.com/o5jWqhresp
— Lookonchain (@lookonchain) March 25, 2024
Whale transactions are not limited to this, another whale reportedly withdrew 937,600 ONDO from the same exchange, worth approximately $864,867. These massive token transfers caused a huge wave of debate and speculation among the crypto community and investors. In particular, withdrawing such a large amount of tokens within a few hours can cause significant fluctuations in the market and shake the confidence of investors.
However, it is difficult to make a definitive statement about the cause and consequences of these large token movements. In any case, it is important for whales to be careful when carrying out such large transactions and take precautions to maintain the stability of the market.
Ondo Finance aims to provide institutional-grade financial products and services through a public blockchain by tokenizing RWAs and developing financial protocols that integrate these tokens. ONDO is trading at $0.922 at the time of writing. The crypto asset, ranked 91st by market capitalization, is up more than 8% in the last 24 hours and almost 124% in the past week.
Additionally lookonchain It also reported that a whale deposited 11,275 Ethereum (ETH) worth $37.4 million on Binance, the largest crypto exchange, for a loss of approximately $500,000 over the weekend. Whale then moved to buy back the second-ranked crypto asset after the altcoin price rose.
You can access current market movements here.
