Whale Deposits $8.16 Million in $ONDO to Coinbase Following 4-Month Dormancy

A crypto whale has recently made a big deposit after a months-long inactivity. As per Onchain Lens, the crypto whale has deposited a $8.16M in $ONDO into Coinbase after staying inactive for 4 months. The on-chain analytics firm revealed this development on its official social media account.

Crypto Whale Deposits 5.76M $ONDO into Coinbase after Strategic Accumulation

Onchain Lens specified that the whale reportedly deposited 5.76M $ONDO tokens into Coinbase. In line with the market data, the whale originally obtained the respective tokens at a cumulative cost of nearly $5.11M. Hence, the average price of the tokens at the time of purchase was considerably lower than the present market rate. This move highlights the whale’s strategic investment that has resulted in a noteworthy profit of almost $3.05M.

Based on the on-chain data, the whale accumulated the above-mentioned $ONDO tokens over a long period. In this respect, over the recent twelve months, the whale carried out the respective accumulation in 7 sections. The sources of these transactions included Coinbase as well as some other platforms. The most recent of these transactions occurred 121 days back, receiving 264,923 $ONDO tokens, accounting for $180,514. The biggest of these transfers occurred 313 days back when the whale acquired 4.18M $ONDO tokens, equaling $3.8M in value. Overall, these transfers signify the whale’s methodical accumulation approach.

Whale’s Potential Exit Raises Possibility of Rise in Downward Pressure on $ONDO’s Price

According to Onchain Lens, although the particular impact of this deposit remains to be seen, such huge deposits usually lead to selling. Thus, if the whale sells the deposited tokens, a potentially significant downward pressure will potentially be experienced by the price of $ONDO. Keeping this in view, the market onlookers attempt to measure the likely effect of the whale’s potential exit.