ONDO Price Plunges as Team-Linked Wallet Transfers $1.35M Tokens to Coinbase

ONDO's price continued to slide after a significant $1.35 million token transfer from a team-linked wallet sparked supply fears.

The wallet, which originally received 20 million ONDO directly from the team, had previously transferred 12 million tokens to Coinbase in three separate 4-million-token deposits.

This latest transfer of 4 million ONDO worth $1.35 million further increased concerns that exchange-bound tokens could become available for distribution, potentially exacerbating supply issues.

The spot market behavior also did not provide any evidence that buyers could easily absorb the extra exchange-bound ONDO supply, with the 90-day Spot Taker CVD indicating more aggressive selling than market buying.