The OMNI network token has experienced a substantial decline in value today, shedding 32% of its market value, prompting attention to recent on-chain activity involving a notable address associated with the $ONDO project party.
According to reports from on-chain analytics, an address linked to the $ONDO project deposited 200,000 $OMNI tokens into Coinbase just a few hours ago, amounting to approximately US$6.65 million.
This address is believed to be affiliated with an early investment institution that holds interests in both the Ondo and Omni projects.
Remarkably, this address received a distribution of 200,000 tokens from the $OMNI project only 18 hours prior, constituting 1.92% of the total tokens in circulation.
Additionally, it acquired a significant amount of 144 million ONDO tokens from the Ondo project on January 18, 2024, equivalent to 1.92% of the total tokens in circulation (representing 10.39% of the total currency circulation).
The close relationship between this institution and Coinbase is highlighted by its frequent large-scale deposits and withdrawals of ONDO tokens on the platform in recent months. The timing of this substantial deposit of OMNI tokens to Coinbase is notable, occurring shortly after the announcement of OMNI’s launch.
As the OMNI network token continues to face downward pressure, market observers are closely monitoring the implications of such significant on-chain activity. The deposit to Coinbase raises questions about the intentions behind the transaction and its potential impact on market dynamics amidst the ongoing decline in token value.
The developments within the OMNI ecosystem and the involvement of key stakeholders underscore the need for transparency and clarity within the cryptocurrency market, particularly during periods of heightened volatility and market uncertainty.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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