The ONDO Finance, fueling Ondo DAO and Flux Finance, surged by 40% in a week, hitting an all-time high of around $0.77.
Recently, there has been a substantial increase in the value of the ONDO token, which is the fuel that drives the Ondo DAO and Flux Finance.
The price of ONDO has skyrocketed by an astounding 40% over the past week, reaching an all-time high (ATH) of about seventy-seven cents.
Over the two months that have passed since its debut in January 2024, ONDO has accumulated returns that are greater than 350%.
What Is Behind the Ondo Finance Token Price Raise?
Following BlackRock’s foray into blockchain technology by launching a tokenized fund on Ethereum, there has been a discernible increase in the value of various Real World Asset (RWA) tokens.
One of these coins, Ondo Finance (ONDO), has experienced significant price increases in recent times. Through tokenizing securities, Ondo Finance is working toward combining traditional finance with decentralized financing (DeFi).
The company’s varied offers and the developing connections it has established within the blockchain ecosystem contribute to this favorable market impact.
On-chain analytics company Santiment has recently disclosed that there has been an increase in the number of whale transactions that are associated with ONDO.
Over the last 24 hours, the number of transactions above $100,000 has climbed from sixty-eight to ninety-one. This increase in whale activity coincides w⁶ith a significant decline in the supply of ONDO tokens on exchanges, which fell from 536.64 million to 529.6 million tokens across all platforms within the same timeframe.
The significant increase in whale transactions, in conjunction with the decrease in exchange supply, indicates a solidly optimistic mood surrounding the dynamics of the ONDO market.
At the beginning of this week, Ondo Finance introduced a new platform called Ondo Global Markets. By offering tokens that represent ownership of conventional securities, this platform aims to bridge the gap between traditional and decentralized finance markets.
Ondo’s offers are expanded beyond tokenized U.S. Treasury securities due to this strategic decision, which broadens its appeal to a broader audience and has the potential to increase demand for the ONDO token.
Ondo Finance has established relationships with several blockchain platforms, including Aptos, Sui, and Solana, and the product it produces is its core offering.
As a result of Ondo’s integration of its tokenized Treasury products (USDY) and exploration of further DeFi applications, the company is expanding its presence across numerous chains, strengthening its position as a trailblazer in the RWA tokenization field.
Although there has been a recent increase in price, it is still necessary to conduct a technical indicator analysis. At this moment, ONDO is trading higher than its 50-day moving average, which suggests that a potential short-term uptrend may be developing.
In addition, the Relative Strength Index (RSI) continues to be intense, indicating there is still enough room for growth before the market reaches overbought circumstances.