Ondo Finance (ONDO) lists on Coinbase boosting its visibility an trading volume.<\/li>\n<\/ul>\nOndo Finance (ONDO), the native token of the tokenized real-world asset (RWA) platform Ondo Finance, has been experiencing a remarkable price surge recently.<\/p>\n
ONDO token recently hit an all-time high of $1.16 and despite experiencing a slight decline, it seems to have regained its footing.<\/p>\n
At press time, ONDO was priced at $1.10, reflecting a 10.45% increase over the past 24 hours, a 16.66% increase over the past week, and a 24.00% rise over the past month.<\/p>\n
Since its launch, ONDO price has skyrocketed by an impressive 577.86% from its IEO price of $0.055 in January 2024.<\/p>\n
These figures highlight ONDO\u2019s strong upward momentum and growing investor interest.<\/p>\n
Key catalysts for Ondo price surge<\/h2>\n1. SEC Approval of Spot Ethereum ETFs<\/h3>\n
One of the most significant factors contributing to ONDO\u2019s recent price surge is the U.S. Securities and Exchange Commission (SEC)\u2019s approval of spot Ethereum exchange-traded funds (ETFs).<\/p>\n
This landmark decision has fueled market optimism, suggesting a more favorable regulatory environment for cryptocurrencies.<\/p>\n
The approval has not only boosted Ethereum (ETH) but also positively impacted Ethereum-related tokens like ONDO, which is considered a strong Ethereum-beta asset and a key player in the \u201creal-world asset\u201d narrative.<\/p>\n
2. Coinbase Listing<\/h3>\n
Another major catalyst for ONDO\u2019s rally is its recent listing on Coinbase\u2019s perpetual market.<\/p>\n
The inclusion of ONDO-PERP, along with PYTH-PERP and ZETA-PERP, on Coinbase has provided greater accessibility and trading flexibility for investors.<\/p>\n
This move has significantly increased ONDO\u2019s visibility and trading volume, which surged by 130% to reach $455,519,046.<\/p>\n
3. Strong institutional backing<\/h3>\n
Lat but not least is Ondo Finance\u2019s strategic partnerships and investments by major venture capitals that have played a crucial role in boosting investor confidence.<\/p>\n
In Aprill 2022, Ondo Finance received $20 million in a Series A investment from several leading venture capitals including Pantera Capital, Coinbase Ventures, Tiger Global Management, Wintermute, and GoldenTree Asset Management among others. These institutional supports are a positive indicator for long-term growth prospects.<\/p>\n
In late March 2024, Ondo Finance transferred $95 million of its assets to BlackRock\u2019s tokenized fund, BUIDL, to facilitate instant settlements for its U.S. Treasury-backed token, OUSG.<\/p>\n
While this specific transaction might not have directly triggered the recent price movement, the association with BlackRock, a dominant force in the ETF market, has certainly bolstered ONDO\u2019s market perception.<\/p>\n
Pantera Capital\u2019s backing further adds to ONDO\u2019s credibility, providing the financial muscle and strategic support needed to navigate the volatile crypto landscape.<\/p>\n
On-chain Ondo Finance (ONDO) data insights<\/h2>\n
According to DeFiLlama, Ondo Finance achieved a peak total value locked (TVL) of $444 million on May 24.<\/p>\n
In addition, data from IntoTheBlock also indicates a significant surge of 52.3% in large transaction volume, with 84% of ONDO holders currently in a profitable position and 15% at breakeven.<\/p>\n
Furthermore, the concentration by large holders remains notably high at 92%, with approximately 63% of holders retaining their tokens for durations between one to twelve months.<\/p>\n
Going by the above on-chain data Market sentiment around ONDO remains bullish, with several analysts and traders predicting further gains.<\/p>\n
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