Crypto News- Over the last 48 hours, the tweets from Bitcoin Core developer Luke Dashjr have set off fluctuations in the $ORDI market. According to insights from the widely-used on-chain platform LookOnChain, the cryptocurrency community now faces a pivotal question: Are the whales in the $ORDI market increasing their holdings or offloading them?
A detailed analysis of the top 30 $ORDI token holders paints a picture of a highly concentrated ownership structure. These substantial investors, often referred to as whales, currently possess a staggering 16.78 million tokens, valued at $950 million. This constitutes a remarkable 79.94% of the total supply, highlighting a notable concentration of power among a select few individuals.
ORDI Price Reacts to Bitcoin Developer’s Tweets, Unleashing Fluctuations in the Market
The recent consolidation of $ORDI distribution since November 9 indicates deliberate efforts by significant investors to amass more coins. Notably, two major investors from the OKX Exchange started acquiring $ORDI back on May 20. Their purchases, totaling 57,299 $ORDI ($3.15 million), spanned across Bybit, Gateio, KuCoin, and Binance throughout December. These two whales, positioned as the second- and tenth-largest $ORDI investors, underscore their substantial impact on the market.
Anticipating the market dynamics, these whales strategically acquired $ORDI, displaying a commitment to holding without selling. Transactions such as the reception of 149,999 $ORDI ($2 million) by the address bc1q8u from Binance and Gateio on May 22 and November 27, respectively, at an average price of $13.5, exemplify their foresight. Another address, bc1qrl, received 184,637 $ORDI ($4.26 million) from Binance between November 17 and 23, averaging $23 per token. These addresses, holding a total of 1.2 million $ORDI ($68 million) from minting, signal a steadfast commitment to retaining these assets.
In the wake of market concerns, some whales have adopted a ‘hold’ strategy. Notably, following Luke Dashjr’s tweet, some individuals sold their $ORDI holdings, realizing profits. For instance, the address bc1puc sold 59,000 $ORDI coins (valued at $3.54 million) before a price drop, netting $2.3 million. This strategic move may indicate an anticipation of the market reaction to Dashjr’s tweet, suggesting a proactive approach to secure gains.
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