Whales are gobbling up a red-hot crypto undertaking that’s targeted on tokenizing real-world belongings (RWAs).
The crypto tracker Lookonchain notes that one whale withdrew 6.53 million ONDO, the native token of Ondo Finance, from the crypto change Bybit over the previous month.
That trove is price greater than $6 million.
Ondo Finance goals to offer institutional-grade monetary services and products through a public blockchain by tokenizing RWAs and growing monetary protocols that combine these tokens.
Lookonchain additionally notes {that a} totally different whale withdrew 1.98 million ONDO price almost $1.83 million from the crypto change Gate.io over a one-hour interval on Sunday.
A 3rd whale additionally withdrew 937,600 ONDO price $864,867 from Gate.io a number of hours earlier than that, in line with the blockchain tracker.
ONDO is buying and selling at $0.922 at time of writing. The 91st-ranked crypto asset by market cap is up greater than 8% prior to now 24 hours and almost 124% prior to now week. The token additionally set a brand new all-time excessive of $0.9702 early Monday morning, in line with CoinGecko.
Lookonchain additionally notes {that a} whale deposited 11,275 Ethereum (ETH) price $37.4 million to the highest crypto change Binance at a lack of roughly $500,000 over the weekend. The whale then made strikes to purchase again into the second-ranked crypto asset after its worth went up.
Explains the blockchain tracker,
“As the value of ETH elevated, he withdrew 9,092 ETH ($31.7 million) from Binance… and borrowed 18 million USDT to purchase extra ETH.”
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