The drop in the ONDO asset value is believed to have stemmed from the project team’s actions, as highlighted by an enthusiastic analyst known as ai_9684xtpa.
ai_9684xtpa pointed out that the address 0x415…72298 received 50 million ONDO ($10.97 million) from one of the project participants three days ago and proceeded to sell 10 million coins on the Gate and Kucoin exchanges. Presently, the address still holds 118 million ONDO, valued at $24.7 million.
ai_9684xtpa suggests that the Ondo Finance team might have deliberately dumped the ONDO token.
According to CoinGecko, the token’s value has dropped by 20.7% in the past 24 hours. Despite this setback, CEO Nathan Allman reported that the project community is experiencing significant growth and advancement.
In an earlier announcement, Ondo Finance revealed its entry into the Asia-Pacific market and the establishment of its first regional office.