- The price of Ondo Finance (ONDO) exceeded $1.15, hitting an all-time high.
- Ondo price surge is driven by SEC approval of Ethereum ETF and strong institutional support.
- Ondo Finance (ONDO) is listed on Coinbase, increasing visibility into trading volume.
Ondo Finance (ONDO), the native token of tokenized real asset (RWA) platform Ondo Finance, has recently been experiencing a notable price surge.
The ONDO token recently hit an all-time high of $1.16 and appears to have regained its footing despite a slight decline.
At press time, ONDO’s price was $1.10, up 10.45% over the past 24 hours, up 16.66% over the past week, and up 24.00% over the past month.
Since its launch, ONDO price has soared 577.86% compared to the IEO price of $0.055 in January 2024.
These figures highlight ONDO’s strong upward momentum and growing investor interest.
Temperature is a key catalyst for price surges
1. SEC approval for spot Ethereum ETF
One of the most important factors contributing to ONDO’s recent price surge is the U.S. Securities and Exchange Commission’s (SEC) approval of a spot Ethereum exchange-traded fund (ETF).
This landmark decision sparked market optimism and suggested a more favorable regulatory environment for cryptocurrencies.
This approval not only boosted Ethereum (ETH), but also had a positive impact on Ethereum-related tokens such as ONDO, which is considered a strong Ethereum beta asset and a key player in the “real-world asset” story.
2. Coinbase listing
Another major catalyst for the ONDO rally was its recent listing on the Coinbase perpetual market.
The inclusion of ONDO-PERP on Coinbase along with PYTH-PERP and ZETA-PERP provides investors with greater accessibility and trading flexibility.
This move significantly increased ONDO’s visibility and trading volume, soaring 130% to $455,519,046.
3. Strong institutional support
In particular, Ondo Finance’s strategic partnerships and investments from major venture capitals have played a decisive role in increasing investor confidence.
In April 2022, Ondo Finance received $20 million in Series A investment from several leading venture capitals, including Pantera Capital, Coinbase Ventures, Tiger Global Management, Wintermute, and GoldenTree Asset Management. This institutional support is a positive indicator of long-term growth prospects.
In late March 2024, Ondo Finance transferred $95 million of its assets to BUIDL, BlackRock’s tokenized fund, to facilitate immediate settlement for OUSG, a token backed by the U.S. Treasury.
While this particular transaction may not have directly triggered recent price movements, its association with BlackRock, a dominant force in the ETF market, has certainly strengthened ONDO’s market perception.
Pantera Capital’s support further increases ONDO’s credibility, providing the financial strength and strategic support needed to navigate the volatile cryptocurrency environment.
Onchain Ondo Finance (ONDO) Data Insights
According to DeFiLlama, Ondo Finance achieved its highest total value locked (TVL) of $444 million on May 24.
Data from IntoTheBlock also shows that large volume has surged 52.3%, with 84% of ONDO holders now in a profitable position and 15% at breakeven.
Additionally, the concentration of large holders remains noticeably high at 92%, with approximately 63% of holders holding their tokens for periods between 1 and 12 months.
Looking at the on-chain data above, market sentiment towards ONDO remains optimistic, with several analysts and traders predicting further gains.