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Cryptocurrency News Articles
Ondo Finance Soars as Whale Activity and RWA Momentum Drive Growth
Mar 22, 2024 at 07:06 pm
Ondo Finance (ONDO) has experienced significant growth, with a 45% surge over the past week. Santiment data reveals an increase in large ONDO transactions, with token transfers exceeding $100K rising from 68 to 91. This uptick coincides with BlackRock's venture into the RWA sector, boosting optimism in the tokenization market.
Ondo Finance's Surge Continues Amidst Whale Activity and RWA Sector Momentum
Ondo Finance (ONDO) has maintained its bullish momentum over the past week, buoyed by a 45% surge. Santiment's data reveals an increase in large ONDO transactions, with token transfers exceeding $100,000 rising from 68 to 91 within the past 24 hours.
This uptick in market-moving transactions coincides with the recent announcement of BlackRock's foray into the real-world asset (RWA) sector through the launch of a tokenized digital fund.
Furthermore, whale activity has mirrored the substantial decline in ONDO's supply on cryptocurrency exchanges. Santiment's data indicates that the metric has dropped to 529.6 million from 536.64 million over the last 24 hours, suggesting a reluctance among market participants to take profits in anticipation of further price increases.
Ondo Finance's Growth Trajectory
Since its expansion into the Asia Pacific market in early 2024, Ondo Finance has experienced exponential growth. This move has enabled the company to tap into a burgeoning industry, providing global investors with access to tokenized U.S. assets.
BlackRock's entry into the RWA tokenization sector has further fueled optimism in the market. Analysts believe that the increasing interest in tokenized real-world assets will benefit Ondo Finance's expansion, translating into sustained growth for ONDO's price.
To capitalize on this momentum, Ondo Finance recently introduced Ondo Global Markets, a new platform designed to bridge traditional finance and decentralized finance (DeFi) through digital representations of real-world assets.
ONDO's Price Performance
Following a surge to an all-time high of $0.8162, ONDO has retreated slightly to trade at $0.7095 at press time. Despite this pullback, the token's performance over the past week has propelled it into the top 100 list by value, with a market capitalization of $1,048,139,298.
While analysts anticipate a near-term correction due to overbought conditions indicated by the relative strength index (RSI), Ondo Finance's current outlook remains positive, reflecting growing investor confidence in the project and its RWA tokenization services.
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