$1.4M ONDO Deposit Sparks Token Supply Fears on Coinbase

A recent $1.4 million deposit into Coinbase from an ONDO team-linked wallet has raised concerns about potential token supply risks for the asset.

The transfer, which occurred on August 9, saw 4.019 million ONDO tokens deposited onto the exchange, with traders speculating that this could be a precursor to selling pressure.

However, broader exchange data suggests that buyers may be pulling tokens off exchanges, potentially mitigating some of the impact from the fresh supply. The net outflows on August 9 were around $1.09 million, but this still pales in comparison to the team-linked deposit.

The critical price support level for ONDO currently sits at $0.345, with a break below this potentially triggering a cascade of forced liquidations and accelerating any decline.