Ondo Finance Team Dumps 20M Tokens, ONDO Plummets to Two-Week Low

Ondo Finance has been experiencing strong downside pressure since being rejected at $0.42.

The altcoin closed at lower lows for four consecutive days, breaching the $0.4 support and falling to a two-week low of $0.34.

As of this writing, ONDO was trading around $0.37, down 5.28% on the daily charts, extending the 10% weekly drop.

The pressure is mostly arising from the Ondo Finance team's token deposits into exchanges, with a wallet linked to Ondo Finance depositing 4 million ONDO worth $1.56 million to Coinbase as part of its ongoing unloading.