A significant $ONDO purchase was detected recently, as a new wallet created just 11 hours ago spent 4,611 ETH ($17.1M) to acquire 10.978 million $ONDO tokens at an average price of $1.553 amid a market dip.
This development comes ahead of a substantial token unlock scheduled for January 18, 2025, which could have a profound impact on the market.
Massive $ONDO purchase detected!
This whale created a new wallet 11 hours ago and has since spent 4,611 $ETH ($17.1M) to buy 10.978M $ONDO at an average price of $1.553 during the market crash.
Follow @spotonchain and track this whale’s address at https://t.co/t3unrYyZMN pic.twitter.com/GDEYAYt7Ux
— Spot On Chain (@spotonchain) December 10, 2024
Key Unlock Details:
The unlock will release 135% of the circulating supply, valued at $3 billion. Currently, $ONDO’s circulating supply stands at 1.43 billion tokens (14.37% of the total supply). Of the unlocked tokens:
– 80% will be allocated to ecosystem growth and protocol development.
– 20% will go to investors.
Early investors stand to gain significantly, with the token’s price surging from an entry price of $0.02 (Series A) to $1.58, marking an 80x return. With $500 million worth of tokens (322 million $ONDO) unlocking for investors—equivalent to 22.4% of the current circulating supply—there is potential for sell pressure. However, its impact will depend on market conditions and investor sentiment.
Price Performance and Ecosystem Implications:
$ONDO has demonstrated impressive growth:
– ICO Growth: A 50x increase from its initial offering price.
– Recent Rally: A 110% surge in the past month, reflecting strong market momentum.
Analyzing upcoming $ONDO unlock on Jan 18th, 2025 👇Let's evaluate the potential impact
Key Unlock Details 🔓• Unlock Percentage: 135% of circulating supply• Unlock Value: $3 billion• Current Circulating Supply: 1.43 billion ONDO (14.37% of total supply)
Out of the… pic.twitter.com/RGlFKN8d2B
— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) December 9, 2024
The bulk of the unlocked tokens is earmarked for ecosystem development, which, if managed strategically, could drive long-term adoption. While the 135% surge in circulating supply may risk dilution, incentives for ecosystem growth could counterbalance any negative effects.
$ONDO’s recent rally signals robust demand and confidence among investors. If the project introduces utility programs or updates strategically, the unlock event might even support a bullish narrative, minimizing potential price shocks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: jtdee23/123RF // Image Effects by Colorcinch
The post Whale Accumulates $ONDO As Major Token Unlock Looms appeared first on The Merkle News.
