Is It Too Late to Buy Ondo? ONDO Price Hits Record High as SpongeV2

Tim Hakki

Last updated:

March 26, 2024 15:54 EDT

| 3 min read

Source: Adobe / M.Gierczyk

Flux Protocol and Ondo DAO’s governance token ONDO set a new all-time high (ATH) earlier today, according to data by CoinGecko.

In the morning GMT, ONDO rose to a record price of $0.9934, before before pulling back 11% to its current level of $0.8679.

ONDO is currently the 95th biggest cryptocurrency in the world with a market capitalization of over $1.2 billion. On its website, the protocol touts itself as “a new paradigm for securities tokenization”.

Now that right there may be obvious marketing speak, but it hasn’t stopped investors from flocking to ONDO after a crucial bit of crypto adoption news last week.

ONDO Rallies On BlackRock Tokenization News.

Keen-eyed watchers first noticed ONDO’s price began to increase in the middle of last week on news that BlackRock, the worlds largest asset manager with over $9 trillion in assets-under-management (AUM) launched a tokenized fund on Ethereum with an asset tokenization platform called Securitize.

BlackRock simultaneously announced that it had strategically invested in the tokenization platform but did not disclose details of the deal.

What does this all have to do with ONDO?

After all, we know BlackRock has been bullish on crypto for a while. The fact that the asset manager’s newly launched Bitcoin ETF is the number one regulated Bitcoin investment product in the world right now since its launch in January proves that the company is bullish.

Tokenization clearly represents BlackRock’s next move in blockchain. It’s hardly surprising, considering Citi and JP Morgan have trialed the technology too recently.

Beyond these two, other titans of TradFi have taken their own first steps in security tokenization, including France’s third largest bank, Société Générale, Standard Chartered, and asset managers Franklin Templeton, and South Korean’s Mirae.

ONDO Price Prediction: New ATH Incoming?.

Over on ONDO’s trading chart, we can see that the token is trading noticeably below its 30-day moving average as it relative strength index (RSI) heads down to 30.

Taken together, the two signs indicate a lot of recent selling pressure in the last few hours.

Altogether, even if ONDO continues shedding value, it’s very likely the token...

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