ONDO Token Plummets After Project Team’s Massive Sell-Off

A crypto enthusiast on X (the former Twitter) has accused the ONDO project team of dumping millions of ONDO tokens in the market, causing the token’s price to drop sharply in the last two days. The user claims that the team sold 40 million ONDO tokens on Monday night after a previous sale of 20 million tokens on the same day.

According to the user’s tweets on Jan 22, the ONDO project team transferred millions of ONDO tokens from their multi-signature wallet to two other wallet addresses. The user tracked the transactions and found that the two wallet addresses sold the tokens on various exchanges, including Coinbase, Gate, Bybit, and Kucoin.

According to the user, 40 million ONDO tokens, valued at $10.44 million, were sold on Monday night, causing the token’s price to fall by 15%. The user also claims that the two wallet addresses still have 106 million tokens, representing 7.79% of the total supply.

On Monday morning, the user also reported a sale of 20 million ONDO tokens by the project team. The user says that a wallet address received 50 million ONDO tokens from the multi-sig wallet, worth $10.97 million, and then sent 10 million tokens to Gate and Kucoin.

The ONDO Token Price Volatility

The ONDO token, utilized for decentralized finance (DeFi) and non-fungible token (NFT) applications, has undergone significant volatility in the past week. According to CoinMarketCap, the token’s price rose by 40.40% in the last seven days, reaching a high of $0.31 on Monday. However, the token’s price plunged by 10.13% in the last 24 hours, trading at $0.23 as of press time.

The ONDO project team has not responded to the allegations of token dumping. Since Dec 2023, there has been no update to the project’s website and social media accounts. The project’s whitepaper describes ONDO as a “next-generation DeFi and NFT platform that enables anyone to create, trade, and manage digital assets.”

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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