A month of increased Ondo whale activity has generated tremendous interest in the RWA token. ONDO’s price is aiming to surpass $1.
The price of ONDO, the native cryptocurrency of Ondo Finance, has increased by 150 percent in the past week. At this time, the price of Ondo is awaiting a pivotal breakout above $1 to sustain the current uptrend.
ONDO Investor Base Doubles
Over the previous week, the value of ONDO witnessed a significant increase, skyrocketing from $0.40 to $0.90, doubling its holder base in less than a month.
ONDO observed a consistent upward trend in the number of new investors throughout the initial months of 2024, with daily additions averaging between 100 and 300. The aforementioned incremental expansion became notably conspicuous on February 26th, when the number of holders attained 4,872.
Nonetheless, as March ended, the growth trajectory significantly accelerated. The quantity of ONDO holders exceeded 10,000 by March 25th, signifying a significant accomplishment.
In a single month, this surge in holders signifies an expansion of the investor community by more than twofold. The notable increase in the price of ONDO, which soared from $0.40 on March 19 to $0.95 on March 25, is highly correlated with this surge.
Conversely, the ONDO MVRV Ratio (Z Score) captured interest due to its significant increase from 1.39 to 3.57, which suggested the potential for a retracement before the subsequent upward phase. As of press time, the price of Ondo is $0.943, a decrease of 1.96%.
Lookonchain has recently disclosed data indicating a notable increase in whale activity about tokens of tangible assets, with specific attention paid to Ondo Finance.
In the previous month, noteworthy transactions have brought to light a pattern of substantial investments in these tokens, which signifies an increasing level of assurance in their potential.
Included in the notable transactions are:
- A whale associated with the address “0x56F9” withdrew a staggering 6.53 million ONDO tokens, amounting to approximately $5.88 million, from Bybit.
- Another emerging wallet, identified as “0x92dD,” made a substantial withdrawal of 1.98 million tokens, valued at around $1.78 million, from Gateio.
- Wallet “0xE6bf” executed a transaction involving 937,600 ONDO tokens, equivalent to approximately $845,000, also from Gateio.
These significant movements indicate a heightened interest among whales in acquiring real-world asset tokens, particularly Ondo Finance.
