Whales Cash Out On Crypto Tied To Coinbase Tokenization Project
On Friday, on-chain analytics firm Spot On Chain spotted two whales depositing millions in ONDO to cryptocurrency exchange Bybit, following the coin’s listing on the Korean trading platform, Upbit.The first whale sent 1.95 million ONDO tokens, worth $2.55 million, and realized a 42% profit. The second whale offloaded 1 million ONDOs, worth $1.31 million, gaining 45% on the sale. This investor still has an additional 1 million stash left with them. ONDO has been the third best-performing cryptocurrency over the last month, with gains of more than 73%. ONDO is the native token of Ondo Finance, a tokenization project backed by Coinbase. The tokenization of real-world assets i.e, bringing off-chain assets like real estate, bonds, and commodities on the blockchain, has emerged as one of the hottest narratives in Web3.
Ondo tokenizes U.S. government treasury bonds and its Short-Term US Government Bond was the third highest in market capitalization in this category of offerings, according to rwa.xyz.Additionally, the platform has total deposits of $534 million as of this writing, data from DeFiLlama shows, more than doubling year-to-date.