Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You Invest?
26 März 2024 - 9:08AM
NEWSBTC
Ondo Finance (ONDO), a decentralized finance (DeFi) protocol
focused on tokenizing US treasuries, has witnessed a meteoric rise
in its native token’s price over the past week. According to
CoinMarketCap, although ONDO was only able to muster a meager 1.3%
increase in the last day – pushing its value to a record-breaking
$0.94 – the impressive feat comes on the heels of a 138% weekly
gain, marking an impressive performance for the token. Related
Reading: Analyst Bullish On Polkadot (DOT), Predicts $17 Price
Target Before April ONDO Marks Banner Week With Big Numbers ONDO
doing things right on the weekly chart. Source: Coingecko Analysts
attribute this surge to a confluence of factors. Whale investors,
known for their significant holdings and market influence, have
been accumulating ONDO at a substantial clip. Data from on-chain
tracking platform Lookonchain reveals that three whale wallets
recently withdrew over 9 million ONDOs, worth around $9 million,
from various exchanges. This behavior suggests a long-term bullish
outlook on the token’s potential, potentially inciting a
follow-the-leader mentality among retail investors. Whales are
accumulating #RWA token $ONDO! Whale”0x56F9″ withdrew 6.53M
$ONDO($5.88M) from #Bybit in the past month. Fresh wallet”0x92dD”
withdrew 1.98M $ONDO($1.78M) from #Gateio in the past hour.
Wallet”0xE6bf” withdrew 937,600 $ONDO($845K) from #Gateio 3 hours
ago. Address:… pic.twitter.com/o5jWqhresp — Lookonchain
(@lookonchain) March 25, 2024 Indeed, Santiment data analyzed by
AMBCrypto shows a 30% increase in the total number of ONDO holders
since March 19th, surpassing the 10,000 mark. This influx of new
investors, likely influenced by the whales’ actions and the overall
hype surrounding tokenization, has further fueled the token’s price
rally. Total crypto market cap at $2.5 trillion on the daily chart:
TradingView.com The recent surge in ONDO’s popularity coincides
with a broader trend within the DeFi space. Last week, global
investment giant BlackRock announced the creation of a tokenized
fund on the Ethereum blockchain, allowing investors to earn US
dollar yields through a decentralized platform. This move
underscores the growing interest in tokenization, which involves
representing real-world assets like securities, currencies, and
real estate on a blockchain. TVL Not Impressive Despite Weekly Rise
However, amidst the celebratory atmosphere surrounding the token’s
price surge, a curious detail emerges. Despite the significant
increase in ONDO’s value, the platform’s total value locked (TVL),
a metric reflecting the total value of crypto assets deposited in
its DeFi protocols, has remained relatively stagnant over the past
week. While the reasons behind this discrepancy are unclear, it
could be a cause for concern for some investors. A stagnant TVL
might suggest that the recent price increase isn’t necessarily
translating to increased usage of the Ondo Finance protocol itself.
Related Reading: Social Media Storm Gives Dogecoin 14% Price Boost
– Details Overall, the past week has been undeniably positive for
Ondo Finance. The token’s impressive price surge, coupled with the
current tokenization hype and strategic alignment with BlackRock’s
recent venture, paints a promising picture for the future. However,
the stagnant TVL serves as a reminder that long-term sustainability
hinges not just on speculation but also on real-world adoption and
the continued development of the Ondo Finance ecosystem. Featured
image from AlphaTradeZone/Pexels, chart from TradingView
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