Ondo Finance’s Massive Deposits to Coinbase Prime Spark Market Attention

In the past few hours, a striking sequence of transactions associated with the ONDO token has captured the notice of the crypto community.

Two wallets linked to the decentralized finance (DeFi) platform @OndoFinance have deposited a breathtaking 13.83 million ONDO, worth about $12.2 million, into Coinbase Prime. This is part of a larger, ongoing deposit trend associated with wallets belonging to Ondo Finance’s multi-signature wallet. This trend has triggered speculation and wonder among the crypto community regarding the future direction of the platform and its native token.

The two wallets being examined are part of a group of seven that received a total of 49.41 million ONDO tokens, worth roughly $35.4 million, from Ondo Finance’s multi-sig wallet (address 0x677) on September 24, 2024. When the distribution occurred, ONDO was trading considerably lower, at just $0.717 per token. This distribution seems to be a part of a larger allocation strategy, as the other five wallets in this set also hold a significant amount of ONDO tokens. While the total value of this allocation was certainly eye-catching, the real interest now seems to be in following the tokens’ trail and understanding what they’re being used for.

Two wallets linked to @OndoFinance deposited 13.83M $ONDO ($12.2M) to #CoinbasePrime 4 hours ago.