Over the last month, Ondo whale activity has increased significantly, resulting in a boom in demand in the RWA token. The ONDO price is expected to break above $1.
ONDO, the native cryptocurrency of Ondo Finance, has experienced an astounding 150% price increase 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 Monthly
In the previous week, the price of ONDO skyrocketed from $0.40 to $0.90, essentially doubling its holder base in a single 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 gradual increase in the number of holders became notably conspicuous on February 26th, when it reached 4,872.
Nonetheless, as March came to a close, the growth trajectory significantly accelerated.
The number of ONDO holders exceeded 10,000 by March 25th, indicating a significant accomplishment.
In just one month, this surge in holders signifies an expansion of the investor community by more than twofold.
The increase in pricing of ONDO from $0.40 on March 19 to $0.95 on March 25 is a strong correlate 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.
At press time, the Ondo price is $0.943, a decrease of 1.96%.
Crypto analysts anticipate that ONDO could experience a correction to $0.84 before launching additional ascents.
Crypto Whales on Accumulation
Recent data from Lookonchain has revealed a notable increase in whale activity surrounding tokens of tangible assets, with Ondo Finance being a specific focus.
In the previous month, remarkable 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 notable fluctuations suggest that whales are becoming increasingly interested in obtaining tokens representing tangible assets, specifically Ondo Finance.
