Here’s why Ondo Finance (ONDO) price is soaring

BTCC
rally
Minersgarden


Ondo Finance (ONDO) price surges to a new all-time high above $1.15.
The Ondo price surge is driven by SEC approval of Ethereum ETFs and strong institutional backing.
Ondo Finance (ONDO) lists on Coinbase boosting its visibility an trading volume.

Ondo Finance (ONDO), the native token of the tokenized real-world asset (RWA) platform Ondo Finance, has been experiencing a remarkable price surge recently.

ONDO token recently hit an all-time high of $1.16 and despite experiencing a slight decline, it seems to have regained its footing.

At press time, ONDO was priced at $1.10, reflecting a 10.45% increase over the past 24 hours, a 16.66% increase over the past week, and a 24.00% rise over the past month.

Minergate

Since its launch, ONDO price has skyrocketed by an impressive 577.86% from its IEO price of $0.055 in January 2024.

These figures highlight ONDO’s strong upward momentum and growing investor interest.

Key catalysts for Ondo price surge

1. SEC Approval of Spot Ethereum ETFs

One of the most significant factors contributing to ONDO’s recent price surge is the U.S. Securities and Exchange Commission (SEC)’s approval of spot Ethereum exchange-traded funds (ETFs).

This landmark decision has fueled market optimism, suggesting a more favorable regulatory environment for cryptocurrencies.

The approval has not only boosted Ethereum (ETH) but also positively impacted Ethereum-related tokens like ONDO, which is considered a strong Ethereum-beta asset and a key player in the “real-world asset” narrative.

2. Coinbase Listing

Another major catalyst for ONDO’s rally is its recent listing on Coinbase’s perpetual market.

The inclusion of ONDO-PERP, along with PYTH-PERP and ZETA-PERP, on Coinbase has provided greater accessibility and trading flexibility for investors.

This move has significantly increased ONDO’s visibility and trading volume, which surged by 130% to reach $455,519,046.

3. Strong institutional backing

Lat but not least is Ondo Finance’s strategic partnerships and investments by major venture capitals that have played a crucial role in boosting investor confidence.

In Aprill 2022, Ondo Finance received $20 million in a Series A investment from several leading venture capitals including Pantera Capital, Coinbase Ventures, Tiger Global Management, Wintermute, and GoldenTree Asset Management among others. These institutional supports are a positive indicator for long-term growth prospects.

In late March 2024, Ondo Finance transferred $95 million of its assets to BlackRock’s tokenized fund, BUIDL, to facilitate instant settlements for its U.S. Treasury-backed token, OUSG.

While this specific transaction might not have directly triggered the recent price movement, the association with BlackRock, a dominant force in the ETF market, has certainly bolstered ONDO’s market perception.

Pantera Capital’s backing further adds to ONDO’s credibility, providing the financial muscle and strategic support needed to navigate the volatile crypto landscape.

On-chain Ondo Finance (ONDO) data insights

According to DeFiLlama, Ondo Finance achieved a peak total value locked (TVL) of $444 million on May 24.

In addition, data from IntoTheBlock also indicates a significant surge of 52.3% in large transaction volume, with 84% of ONDO holders currently in a profitable position and 15% at breakeven.

Furthermore, the concentration by large holders remains notably high at 92%, with approximately 63% of holders retaining their tokens for durations between one to twelve months.

Going by the above on-chain data Market sentiment around ONDO remains bullish, with several analysts and traders predicting further gains.



Source link

Blockonomics

Be the first to comment

Leave a Reply