- Ondo Finance (ONDO) price surges to a brand new all-time excessive above $1.15.
- The Ondo price surge is pushed by SEC approval of Ethereum ETFs and robust institutional backing.
- Ondo Finance (ONDO) lists on Coinbase boosting its visibility an buying and selling quantity.
Ondo Finance (ONDO), the native token of the tokenized real-world asset (RWA) platform Ondo Finance, has been experiencing a outstanding price surge just lately.
ONDO token just lately hit an all-time excessive of $1.16 and regardless of experiencing a slight decline, it appears to have regained its footing.
At press time, ONDO was priced at $1.10, reflecting a ten.45% enhance over the previous 24 hours, a 16.66% enhance over the previous week, and a 24.00% rise over the previous month.
Since its launch, ONDO price has skyrocketed by a powerful 577.86% from its IEO price of $0.055 in January 2024.
These figures spotlight ONDO’s sturdy upward momentum and rising investor curiosity.
Key catalysts for Ondo price surge
1. SEC Approval of Spot Ethereum ETFs
One of probably the most important components contributing to ONDO’s current price surge is the U.S. Securities and Exchange Commission (SEC)’s approval of spot Ethereum exchange-traded funds (ETFs).
This landmark determination has fueled market optimism, suggesting a extra favorable regulatory setting for cryptocurrencies.
The approval has not solely boosted Ethereum (ETH) but additionally positively impacted Ethereum-related tokens like ONDO, which is thought of a powerful Ethereum-beta asset and a key participant within the “real-world asset” narrative.
2. Coinbase Listing
Another main catalyst for ONDO’s rally is its current itemizing on Coinbase’s perpetual market.
The inclusion of ONDO-PERP, together with PYTH-PERP and ZETA-PERP, on Coinbase has supplied higher accessibility and buying and selling flexibility for buyers.
This transfer has considerably elevated ONDO’s visibility and buying and selling quantity, which surged by 130% to achieve $455,519,046.
3. Strong institutional backing
Lat however not least is Ondo Finance’s strategic partnerships and investments by main enterprise capitals which have performed a vital position in boosting investor confidence.
In Aprill 2022, Ondo Finance acquired $20 million in a Series A funding from a number of main enterprise capitals together with Pantera Capital, Coinbase Ventures, Tiger Global Management, Wintermute, and GoldenTree Asset Management amongst others. These institutional helps are a constructive indicator for long-term development prospects.
In late March 2024, Ondo Finance transferred $95 million of its belongings to BlackRock’s tokenized fund, BUIDL, to facilitate on the spot settlements for its U.S. Treasury-backed token, OUSG.
While this particular transaction won’t have immediately triggered the current price motion, the affiliation with BlackRock, a dominant power within the ETF market, has actually bolstered ONDO’s market notion.
Pantera Capital’s backing additional provides to ONDO’s credibility, offering the monetary muscle and strategic help wanted to navigate the risky crypto panorama.
On-chain Ondo Finance (ONDO) knowledge insights
According to DeFiLlama, Ondo Finance achieved a peak whole worth locked (TVL) of $444 million on May 24.
In addition, data from IntoTheBlock additionally signifies a major surge of 52.3% in massive transaction quantity, with 84% of ONDO holders presently in a worthwhile place and 15% at breakeven.
Furthermore, the focus by massive holders stays notably excessive at 92%, with roughly 63% of holders retaining their tokens for durations between one to 12 months.
Going by the above on-chain knowledge Market sentiment round ONDO stays bullish, with a number of analysts and merchants predicting additional features.
