Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You Invest?

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, ….

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