Will Crypto Whale’s 10M ONDO Purchase Push ONDO to its ATH?

Whale Acquires 10 Million ONDO Tokens Amid Market Correction

ONDO price has retreated to $1.47 today following a prolonged bull run that culminated in its all-time high (ATH) last week.

The broader cryptocurrency market has witnessed a cooling in enthusiasm as Bitcoin has settled within its $95,000 - $96,500 price range. Major altcoins, including Ethereum, XRP, Solana, BNB, Cardano, and Dogecoin, have also experienced a slowdown in price appreciation in the past 24 hours. Consequently, the total market capitalization for cryptocurrencies has declined by over 5%, reaching $3.43 trillion.

According to data from Coinglass, liquidations amounting to $1.7 billion were recorded over the past 24 hours, with approximately $564 million in losses for small-cap cryptocurrencies. December 10th will be remembered for the significant volume of liquidations that occurred. Ondo Finance's price has also entered a downtrend, following the pattern of several altcoins.

Market downturns and price declines typically evoke feelings of fear and panic among some traders, prompting them to sell out of their positions. However, experienced investors and whales often seize these opportunities to acquire cryptocurrencies at discounted prices, driven by their belief in their future growth potential. In line with this strategy, a whale has recently purchased over 10 million ONDO tokens in less than half a day.

10 Million ONDO Purchase in 12 Hours

According to data from Spot On Chain, an on-chain analysis platform, a new crypto wallet was created approximately 14 hours ago and engaged in a substantial purchase of ONDO tokens. The data suggests that the whale spent 4,611 ETH (worth over $17.1 million) to acquire 10.978 million ONDO tokens at an average price of $1.553, amidst the market downturn.

ONDO Token Weekly Price

The price of ONDO has been on an upward trajectory since November and accelerated at the beginning of this month, ultimately reaching its ATH of $1.95, initially attained earlier this year. However, ONDO is currently trading at around $1.55, experiencing a drop of approximately 4% in the past 24 hours. Despite a 4% reduction in its market cap, trading volume has increased by a notable 138%.

The significant purchase of over 10 million ONDO tokens by the whale and the notable 138% rise in trading volume suggest the potential for a future price upswing. Ondo Finance has established a devoted community and gained support from Blackrock, solidifying its position as a promising RWA crypto initiative.

Considering these factors, analysts anticipate a positive trend for Ondo Finance. Should ONDO's market price resume its upward movement, it is likely to reclaim its ATH value in the near future.