- The value of Ondo Finance (ONDO) rose to a brand new all-time excessive above $1.15.
- Ondo’s worth progress is pushed by SEC approval of the Ethereum ETF and powerful institutional assist.
- Ondo Finance (ONDO) lists on Coinbase, growing its visibility and buying and selling quantity.
Ondo Finance (ONDO), the proprietary token of Ondo Finance’s Tokenized Actual Asset (RWA) platform, has been experiencing a major surge in worth just lately.
The ONDO token just lately reached an all-time excessive of $1.16, and regardless of the small dip, it appears to have recovered its place.
ONDO was buying and selling at $1.10 at press time, reflecting a ten.45% improve within the final 24 hours, a 16.66% improve within the final week, and a 24.00% improve within the final month.
Since launch, ONDO’s worth has skyrocketed by 577.86% from its January 2024 IEO worth of $0.055.
These figures spotlight ONDO’s robust progress momentum and rising investor curiosity.
Key catalysts for Ondo worth progress
1. SEC Approval of Ethereum Spot ETFs
One of the vital components contributing to ONDO’s current worth improve is the US Securities and Trade Fee’s (SEC) approval of spot Ethereum exchange-traded funds (ETFs).
This landmark resolution sparked optimism out there, suggesting a extra favorable regulatory atmosphere for cryptocurrencies.
The approval not solely boosted the expansion of Ethereum (ETH), but additionally positively impacted Ethereum-related tokens similar to ONDO, which is taken into account a robust Ethereum beta asset and a key participant within the “actual belongings” narrative.
2. Coinbase itemizing
One other main catalyst for ONDO’s rally is its current itemizing on Coinbase’s everlasting market.
The inclusion of ONDO-PERP alongside PYTH-PERP and ZETA-PERP on Coinbase has supplied higher accessibility and buying and selling flexibility for traders.
This transfer significantly elevated ONDO’s visibility and buying and selling quantity, which elevated by 130% to $455,519,046.
3. Robust institutional assist
Not the least is the strategic partnership of Ondo Finance and the funding of main enterprise capitals that performed an important function in boosting investor confidence.
In April 2022, Ondo Finance obtained $20 million in Sequence A funding from a number of main VCs, together with Pantera Capital, Coinbase Ventures, Tiger International Administration, Wintermute and GoldenTree Asset Administration, amongst others. This institutional assist is a constructive indicator of long-term progress prospects.
On the finish of March 2024, Ondo Finance transferred $95 million of its belongings to BlackRock’s tokenized fund, BUIDL, to facilitate instantaneous settlement for its US Treasury-backed OUSG token.
Whereas this particular transaction might not have straight induced the current worth change, the affiliation with BlackRock, the dominant pressure within the ETF market, has actually strengthened ONDO’s market notion.
Pantera Capital’s backing additional enhances ONDO’s profile by offering the monetary functionality and strategic assist wanted to navigate the unstable crypto panorama.
Details about Ondo Finance (ONDO) knowledge on the chain
In response to DeFiLlama, on Might 24, Ondo Finance reached its most complete locked-in worth (TVL) of $444 million.
Moreover, IntoTheBlock knowledge additionally reveals a major spike in excessive transaction quantity of 52.3%, with 84% of ONDO holders now in a worthwhile place and 15% breaking even.
Furthermore, the focus of huge holders stays remarkably excessive at 92%, with roughly 63% of holders holding their tokens for between one and twelve months.
Primarily based on the above chain knowledge, market sentiment round ONDO stays bullish, with a number of analysts and merchants predicting additional upside.