Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You Invest?
2024年3月26日 - 6:10PM
NEWSBTC
Ondo Finance (ONDO), a decentralized finance (DeFi) protocol
focused on tokenizing US treasuries, has witnessed a meteoric rise
in its native token’s price over the past week. According to
CoinMarketCap, although ONDO was only able to muster a meager 1.3%
increase in the last day – yet pushing its value to a
record-breaking $0.94 – the impressive feat comes on the heels of a
138% weekly gain, marking an impressive performance for the token.
Related Reading: Analyst Bullish On Polkadot (DOT), Predicts $17
Price Target Before April ONDO Marks Banner Week With Big Numbers
ONDO doing things right on the weekly chart. Source: Coingecko
Analysts attribute this surge to a confluence of factors. Whale
investors, known for their significant holdings and market
influence, have been accumulating ONDO at a substantial clip. Data
from on-chain tracking platform Lookonchain reveals that three
whale wallets recently withdrew over 9 million ONDOs, worth around
$9 million, from various exchanges. This behavior suggests a
long-term bullish outlook on the token’s potential, potentially
inciting a follow-the-leader mentality among retail investors.
Whales are accumulating #RWA token $ONDO! Whale”0x56F9″ withdrew
6.53M $ONDO($5.88M) from #Bybit in the past month. Fresh
wallet”0x92dD” withdrew 1.98M $ONDO($1.78M) from #Gateio in the
past hour. Wallet”0xE6bf” withdrew 937,600 $ONDO($845K) from
#Gateio 3 hours ago. Address:… pic.twitter.com/o5jWqhresp —
Lookonchain (@lookonchain) March 25, 2024 Indeed, Santiment data
analyzed by NewsBTC shows a 30% increase in the total number of
ONDO holders since March 19th, surpassing the 10,000 mark. This
influx of new investors, likely influenced by the whales’ actions
and the overall hype surrounding tokenization, has further fueled
the token’s price rally. Total crypto market cap at $2.5 trillion
on the daily chart: TradingView.com The recent surge in ONDO’s
popularity coincides with a broader trend within the DeFi space.
Last week, global investment giant BlackRock announced the creation
of a tokenized fund on the Ethereum blockchain, allowing investors
to earn US dollar yields through a decentralized platform. This
move underscores the growing interest in tokenization, which
involves representing real-world assets like securities,
currencies, and real estate on a blockchain. TVL Not Impressive
Despite Weekly Rise However, amidst the celebratory atmosphere
surrounding the token’s price surge, a curious detail emerges.
Despite the significant increase in ONDO’s value, the platform’s
total value locked (TVL), a metric reflecting the total value of
crypto assets deposited in its DeFi protocols, has remained
relatively stagnant over the past week. While the reasons behind
this discrepancy are unclear, it could be a cause for concern for
some investors. A stagnant TVL might suggest that the recent price
increase isn’t necessarily translating to increased usage of the
Ondo Finance protocol itself. Related Reading: Social Media Storm
Gives Dogecoin 14% Price Boost – Details Overall, the past week has
been undeniably positive for Ondo Finance. The token’s impressive
price surge, coupled with the current tokenization hype and
strategic alignment with BlackRock’s recent venture, paints a
promising picture for the future. However, the stagnant TVL serves
as a reminder that long-term sustainability hinges not just on
speculation but also on real-world adoption and the continued
development of the Ondo Finance ecosystem. Featured image from
AlphaTradeZone/Pexels, chart from TradingView
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