- X customers are blaming the decline in ONDO tokens on an alleged token dump by the undertaking staff.
- Customers declare that the tokens depreciated after the staff offered 40 million ONDO tokens.
- On Monday, the identical consumer reported the sale of 20 million tokens by the undertaking staff.
In a current tweet on X (previously Twitter), X cryptocurrency lovers flagged a collection of alleged ONDO gross sales by the undertaking staff as the explanation for the token's sudden plunge on Tuesday and early Monday morning. The alleged sale follows an upward development within the token worth over the earlier week.
The incident started on January 22, when X crypto lovers flagged a collection of transactions from two pockets addresses related to the undertaking's multisignature. Particularly, the consumer reported that tens of millions of ONDO tokens have been transferred from Multisig to 2 of his pockets addresses.
Within the newest transaction, customers famous that over 40 million ONDO tokens have been offered late Monday night time. After the transfer, customers stated the value of the token dropped by 15% after which recovered barely. On the time the submit was made, the token was buying and selling at $0.261.
Moreover, consumer investigations revealed that two pockets addresses distributed 40 million ONDO tokens to Coinbase, Gate, and Bybit. The transferred tokens have a complete worth of $10.44 million. Based on the consumer, his two addresses nonetheless maintain 106 million tokens, accounting for 7.79% of the overall circulation.
In the meantime, the identical X consumer on Monday identified the alleged sale of 20 million tokens by the undertaking staff. As talked about in that submit, a specific pockets deal with is a multisig undertaking from which he obtained his 50 million ONDO tokens value $10.97 million. Afterwards, 10 million of the obtained tokens have been despatched to Gate and Kucoin.
Turning to CoinMarketCap, knowledge reveals that the value of ONDO token has plummeted previously few hours. On the time of writing, the token has fallen by 10.13% previously 24 hours. Nonetheless, on the broader 7-day chart, the token is up 40.40%.
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