Ondo (ONDO) Price Aims to Break Above $1 Amid Strong Investor Interest
ONDO Finance’s native cryptocurrency, ONDO, experienced a massive price increase last week, rising by a staggering 150%. Now Ondo price is waiting for a significant break above $1 to continue its rise further.
ONDO Investor Base Doubled in One Month
In the previous week, ONDO’s price experienced a significant increase, jumping from $0.40 to $0.90, effectively doubling its owner base in a single month.
ONDO observed a consistent upward trend in the number of investors in the first months of 2024, with 100 to 300 new investors added daily. This gradual growth trend became especially evident when the number of shareholders reached 4,872 on February 26.
However, towards the end of March the growth rate accelerated significantly. As of March 25, the number of ONDO owners exceeded 10,000, a significant success. This increase in owners represents a more than doubling in the investor community in just one month. This increase is closely related to the impressive increase in the price of ONDO; It rose from $0.40 on March 19 to $0.95 on March 25.
On the other hand, ONDO MVRV Ratio (Z Score) attracted attention with a sharp increase from 1.39 to 3.57, signaling a possible pullback before the next leg of the rise. At the time of writing, Ondo price is trading at $0.9403, down 1.96%.
Courtesy: Santiment
Cryptocurrency analysts predict that ONDO may undergo a correction towards $0.84 before starting further upside moves.
Crypto Whales in Accumulation
Recent data from Lookonchain has revealed an increase in whale activity surrounding real-world asset tokens, particularly Ondo Finance. Significant transactions over the past month have revealed a significant investment trend in these tokens, reflecting increased confidence in their potential.
Among the notable ones transactions:
- A whale associated with the address “0x56F9” withdrew a staggering 6.53 million ONDO tokens from Bybit, amounting to approximately $5.88 million.
- Another new wallet identified as “0x92dD” made a significant withdrawal of 1.98 million tokens from Gateio, worth approximately $1.78 million.
- Wallet “0xE6bf” processed a transaction involving 937,600 ONDO tokens, equivalent to approximately $845,000, also from Gateio.
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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.
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