ONDO Challenge Staff Faces Warmth for Tanking Token After Suspected Dump

• An X person blames the ONDO token decline on a suspected token dump by the undertaking’s group. 
• The person alleges the group offered 40 million ONDO tokens, after which the token fell. 
• On Monday, the identical person flagged a 20 million token sale by the undertaking’s group.

In a current tweet on X (previously Twitter), an X crypto fanatic flagged a collection of suspected ONDO gross sales by the undertaking’s group as the rationale behind the token’s sudden steep decline within the early hours of Tuesday and Monday. The alleged gross sales adopted an upward development within the token’s worth the earlier week.

In what started on January 22, the X crypto fanatic flagged a collection of transactions from two pockets addresses related to the undertaking’s multi-signature. Particularly, the person reported that thousands and thousands of ONDO tokens had been transferred from the multi-sig to the 2 pockets addresses. 

Within the newest transaction, the person famous that over 40 million ONDO tokens had been offered within the late hours of Monday. Following the switch, the person said that the token’s worth fell by 15% earlier than making a slight restoration. On the time the put up was made, the token was buying and selling at $0.261. 

Moreover, the investigation by the person confirmed that the 2 pockets addresses distributed the 40 million ONDO tokens to Coinbase, Gate, and Bybit. The transferred tokens are value a collective $10.44 million. In keeping with the person, the 2 addresses nonetheless maintain 106 million tokens, accounting for 7.79% of the whole circulation.

In the meantime, the identical X person identified a suspected 20 million token sale by the undertaking’s group on Monday. As famous in that put up, a sure pockets handle obtained 50 million ONDO tokens from the undertaking’s multi-sig handle value $10.97 million. 10 million of the obtained tokens had been then despatched to Gate and Kucoin. 

Turning to CoinMarketCap, information exhibits that the ONDO token’s worth has fallen steeply prior to now hours. The token is down 10.13% prior to now 24 hours as of press time. Nonetheless, on the broader seven-day chart, the token is up 40.40%.