Coinspeaker Whales Cash Out as Ondo Finance and Chainlink Lead Bull Run
The real-world asset (RWA) segment in the crypto market has been the talk of the town to boost global blockchain adoption. With the potential to transition traditional finance to a decentralized tokenized mechanism, the RWA projects are the next stage of crypto.
A few of the leading crypto projects in the RWA segment are Ondo Finance and Chainlink. Ondo is famously known for tokenizing the US government treasuries. Further, it provides 4.65% APY on USDY USDY $1.06 24h volatility: 0.6% Market cap: $440.67 M Vol. 24h: $266.81 K , a stablecoin secured by US Treasuries.
Chainlink is a leading oracle in the crypto space, well known for bridging the gap between the traditional and decentralized world. With its Cross Chain Interoperability protocol (CCIP), Chainlink is working with leading names like Swift, Euroclear, Franklin Templeton, etc.
RWA Tokens on Fire
With the crypto market reaching a value of $3.45 trillion, real-world asset tokens are witnessing a massive surge in market capitalization. Over the past 30 days, Ondo Finance and Chainlink have witnessed a massive surge.
The Ondo market price has increased by 176% to reach a market cap of $2.34 billion. Currently, the Ondo token ONDO $1.60 24h volatility: 26.2% Market cap: $2.34 B Vol. 24h: $987.12 M , the native token of Ondo Finance, is trading at a market price of $1.68. Over the past 24 hours, it has risen by nearly 42%.
Similarly, Chainlink has witnessed a bull run, crossing $15.50 billion in valuation. With a monthly return of 125%, LINK LINK $23.33 24h volatility: 10.0% Market cap: $14.68 B Vol. 24h: $9.53 B , the native token of Chainlink, is trading at $24.79. Over the past 24 hours, the Chainlink token has increased by 24%.
Whales Book Profit in RWA Projects
Following the massive rally of more than 100% over the past month, the whales are cashing in their profits in the real-world asset tokens. As the Ondo token jumps more than 40% in the past 24 hours and Link witnesses a surge of nearly 24%, the whales are starting to book profit.
Based on the data from Spot On Chain, the whale “0x992” deposited 5,736 ONDO tokens over Coinbase. The deposit is worth $815,000 and resulted in a profit of $294,000 for the whale. Further, this marked a significant return of 56%.
Similarly, the whales “0x74F” and “0x9B3” have deposited 352,417 LINK tokens over Kraken. The deposit is worth $7.69 million and brings an end to a two-year trade. With this, the whales have profited 107% worth $4.06 million.
Finally, whale “0x8B2” has deposited 83,460 LINK tokens over Binance worth $1.85 million. This brings an end to his 6.5-month trade with $522,000 in profit. This whale registered a decent return of 39.3%.
A Profit Booking Shock for RWA Tokens?
Despite the recent sell-off, the broader market recovery will likely fuel the bullish rally in the real-world asset token segment. Ondo continues to trade near its all-time high levels, and Chainlink has registered a new 52-week high.
Further, the whale “0x992” holds on to 2 million ONDO tokens worth $3.22 million. The unrealized profit is nearly $1.4 million at the current market price. This highlights the confidence in trend continuation.
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Whales Cash Out as Ondo Finance and Chainlink Lead Bull Run
