Ondo Finance (ONDO) Price Rises 40% Amid RWA Tokenization and Whaling Activity
The ONDO token, which powers the Ondo DAO and flux Finance, has witnessed remarkable growth in recent times. In the past week alone, ONDO’s price has increased by an impressive 40%, reaching an all-time high of 77 cents (ATH). ONDO has returned over 350% since its listing just two months ago in January 2024.
What’s Behind the ONDO Price Rally?
After BlackRock entered the blockchain industry by offering a tokenized fund on Ethereum, there was a significant increase in the value of various Real World Asset (RWA) tokens.
Among these tokens, Ondo Finance (ONDO) witnessed significant price increases. Ondo Finance aims to combine traditional finance with decentralized finance (DeFi) by tokenizing securities. Its diverse offerings and growing partnerships in the blockchain ecosystem have contributed to its positive market impact.
New data provided by on-chain analytics firm Santiment reveals an increase in ONDO-related whale transactions. The number of transactions exceeding $100,000 increased from 68 to 91 in the last 24 hours. This increase in whaling activity aligns with a significant decline in ONDO’s supply on exchanges, falling from 536.64 million to 529.6 million tokens across all platforms in the same time period.
Courtesy: Santiment
The significant increase in whale transactions, combined with the decrease in foreign exchange supply, indicates a strong bullish sentiment around ONDO’s market dynamics.
Expanding the Tokenized Asset Offering
Earlier this week, Ondo Finance introduced Ondo Global Markets, a new platform designed to bridge traditional and DeFi markets by introducing tokens that represent ownership of traditional securities. This strategic move expands Ondo’s offerings beyond tokenized U.S. Treasury securities, broadening its appeal to a broader audience and potentially increasing demand for the ONDO token.
In addition to its core product, Ondo Finance has established partnerships with several blockchain platforms, including aptos, sui, and solana. Ondo is solidifying its leading position in the RWA tokenization industry by diversifying its presence across multiple chains by integrating tokenized treasury products (USDY) and exploring additional DeFi applications.
Despite the recent increase in price, it is very important to analyze technical indicators. ONDO is currently trading above the 50-day moving average, indicating a potential short-term uptrend. Additionally, the Relative Strength Index (RSI) remains at a healthy level, indicating more room for growth before reaching overbought conditions.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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