Ondo Finance and its native token (ONDO) are raising interest in the market due to their latest strides in project expansion and market growth. Apparently, the native token, in line with the bearish pressure of the broader crypto market, decreased to less than $1. However, recent progress from the token indicates there’s a chance of rebounding to $1 again. In this article, we will explore the chances of this token getting to $1.
ONDO Token Could Reach $1 Again
ONDO token is performing incredibly in the crypto market, outperforming many of its counterparts. For instance, this token’s all-time low was back in January 2024. However, it is already up by more than 900% from its all-time low of $0.08217 and has already grown to cross $1 within the space of three months.
Nevertheless, the question remains whether ONDO Token will be able to reach $1 again after the broader crypto market plunged its price to less than $1. One of the major factors spurring these expectations is its market cap crossing above $1 billion, while its fully diluted market cap is more than $8 billion. Furthermore, the trading volume of this token is also seeing massive growth, staying consistently above $300 million for many days.
What Factors are Driving the Current Market Increase?
Many factors are contributing to the growth, but one that stands out is the project’s recent decision to dive into the tokenization sector. Apparently, the crypto project succeeded in expanding its Real-World Asset (RWA) tokenization services to the Asia Pacific region.
Furthermore, after Blackrock announced the filing for the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), Ondo Finance moved about $95 million worth of its OUSG’s underlying assets to the tokenized fund. This move meant Ondo Finance now held around 38% of BUIDL shares. Subsequently, this led to a massive increase in the ONDO token’s price, surging by more than 20% immediately after the announcement was made.
Also, an increase in whale activity is one of the major factors contributing to this token’s upward trajectory. Reports from the on-chain monitoring platform Santiment show an increase from 68 to 91 unique deals involving at least $100,000 in Ondo token transactions.
Current Ondo Market Performance
At press time, the Ondo token has significantly reduced in price compared to previous performances. However, it is still doing very well compared to many other tokens in the crypto market. According to data from CoinGecko, this token has more than 80% in the monthly chart. However, even in the weekly and bi-weekly charts, the token also stays bullish, with a 5% and 2% increase, respectively. Also, other metrics like the market valuation are surging, growing to over $1.1 billion, while the trading volume trails behind at over $360 million.
Conclusion
Ondo Finance is having a great time in the crypto industry, creating strategic collaborations that are subsequently affecting its native token (ONDO). Recently, there have been speculations that this token will reach $1 again due to significant growth in its valuation and trading volume. According to the charts, there’s more than 80% monthly growth. Moreover, its success in the RWA sector and renewed interest in whales could turn the tide around for ONDO. However, only time will tell.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
