Whales have been collecting the RWA token, Ondo Finance (ONDO), which has recently attracted a lot of attention.
According to a post shared by on-chain analysis account Lookonchain on March 25th, whales are accumulating the real-world asset-focused altcoin ONDO.
Last week, BlackRock announced the launch of a fund for tokenizing real-world assets and products operating on the blockchain. BlackRock’s application had sparked hype in RWA-based cryptocurrency projects such as Ondo Finance.
Whales are Accumulating ONDO
A whale named “0x56F9” withdrew 6.53 million ONDO worth $5.88 million from the cryptocurrency exchange Bybit last month.
Furthermore, a newly opened wallet bought 1.98 million ONDO worth $1.78 million from Gate.io during the day. Lastly, a wallet named “0xE6bf” bought 937,000 ONDO worth $845,000 from Gate.io.
It Could Be Sold OTC
According to another on-chain data platform, Spot On Chain, the ONDO team may have sold altcoin OTC on March 22nd.
The team deposited $36.3 million worth of ONDO to Coinbase. Later, 10 new wallets bought nearly the same amount of ONDO with an average of $0.743. The transactions of the team and the newly opened wallets raised the possibility of an OTC sale.
With whale purchases, ONDO, which increased 2x in a week according to CoinGekco data, became the top-performing altcoin of the day. Rising by 34% to reach $0.97 from $0.7215 in the last 24 hours, ONDO is currently trading at $0.958.
