A crypto whale has recently made a major deposit after being inactive for several months. According to Onchain Lens, the whale deposited $8.16M in $ONDO into Coinbase following a four-month hiatus.
Major Deposit and Strategic Profit
Onchain Lens specified that the whale deposited 5.76M $ONDO tokens into Coinbase. In line with market data, the whale originally obtained these tokens at a cumulative cost of nearly $5.11M, resulting in a substantial profit of almost $3.05M.
Methodical $ONDO Token Accumulation
Based on on-chain data, the whale accumulated the mentioned $ONDO tokens over an extended period. In the recent twelve months, the accumulation took place in 7 sections. Sources of these transactions included Coinbase and several other platforms. The most recent transaction occurred 121 days ago, receiving 264,923 $ONDO tokens, accounting for $180,514. The largest of these transfers happened 313 days ago when the whale acquired 4.18M $ONDO tokens, equaling $3.8M in value.
Potential Impact on $ONDO's Price
According to Onchain Lens, while the specific impact of this deposit is yet to be determined, such large deposits typically lead to selling. Therefore, if the whale sells the deposited tokens, significant downward pressure could be experienced by the $ONDO price. Market observers are attempting to assess the potential effect of the whale's possible exit.
The whale's deposit could be a significant event in the $ONDO market, potentially affecting its price. However, only time will tell the true effect of this action.
