Altcoin
ONDO explodes 95% with whales’ help: Time to buy?
Posted:
| Last updated: April 3rd, 2024
Journalist
- Total ONDO holders jump by 30% over the week.
- Despite ONDO’s gains, Ondo Finance’s TVL stayed stagnant.
Real-world asset (RWA) token Ondo Finance [ONDO] continued its upward march, surging by more than 28% in the last 24 hours, according to CoinMarketCap.
As of this writing, the cryptocurrency was exchanging hands at a new all-time high (ATH) of $0.96, following a successful week during which it gained over 95% in value.
Whales pile up ONDO
The buying pressure was exerted by whale investors, who seem to have taken a liking for the token.
According to on-chain tracking platform Lookonchain, three whale wallets withdrew a total of 9.44 million ONDOs, worth nearly $9 million as per prevailing market price, from different exchanges lately.
The action represented an accumulation strategy, motivated by expectation of higher returns in the future.
Crypto whales are known for their investment acumen. Market observers and participants watch their actions closely to check which assets are on their radar.
Hence, whales’ aggressive accumulation could cause retail investors to follow suit, further inflating the coin’s value.
This is what was actually unfolding. Since the 19th of March, the total number of holders soared by 30% to over 10k as of this writing, as per AMBCrypto’s examination of Santiment’s data.
Source: Santiment
ONDO benefits from tokenization hype
The soaring interest in the coin comes after global investment firm BlackRock announced last week the creation of a tokenized fund on Ethereum [ETH].
The fund would reportedly provide investors the opportunity to earn U.S. Dollar yields using a blockchain platform.
BlackRock’s endeavor was the latest in what has been a sustained push to grab a slice of the growing industry.
This involves representing real-world assets like securities, currencies, real estate, and more on a blockchain.
How much are 1,10,100 ONDOs worth today?
ONDO was the native token of Ondo finance — a decentralized finance (DeFi) protocol that tokenizes U.S. treasuries. It boasted of a total value locked (TVL) of $203 million at press time, according to DeFiLlama.
Interestingly, despite the hype around tokenization and increase in value of its token, Ondo Finance’s TVL stayed stagnant over the week.
