- The value of Oando Finance (ONDO) reached a brand new all-time excessive above $1.15.
- The surge in OANDO worth is because of the SEC approval of the Ethereum ETF and robust institutional help.
- Oando Finance (ONDO) has been listed on Coinbase, growing its visibility and buying and selling quantity.
Oando Finance (ONDO), the native token of tokenized real-world asset (RWA) platform Oando Finance, has been experiencing notable worth progress just lately.
The ONDO token just lately hit an all-time excessive of $1.16 and regardless of experiencing a slight drop, it appears to have regained its place.
At press time, ONDO was priced at $1.10, representing a ten.45% enhance during the last 24 hours, a 16.66% enhance during the last week, and a 24.00% enhance during the last month.
Since its launch, the value of ONDO has elevated by a formidable 577.86% from its IEO worth of $0.055 in January 2024.
These figures spotlight ONDO’s sturdy upward momentum and rising investor curiosity.
The primary catalysts for the surge in Oando worth
1. SEC approves Spot Ethereum ETF
One of the essential components contributing to ONDO’s latest worth surge is the approval of a Spot Ethereum exchange-traded fund (ETF) by the US Securities and Alternate Fee (SEC).
This landmark choice has fueled optimism available in the market, and indicators a extra favorable regulatory surroundings for cryptocurrencies.
This approval not solely Ethereum (ETH) However there was additionally a constructive influence on Ethereum-related tokens like ONDO, which is taken into account a robust Ethereum-beta asset and a serious participant within the “real-world asset” narrative.
2. Coinbase Itemizing
One other main catalyst for ONDO’s rally is its latest itemizing on Coinbase’s perpetual market.
ONDO-PERP in addition to PYTH-PERP and ZETA-PERP have additionally been included. Coinbase Offered larger entry and buying and selling flexibility to buyers.
The transfer has considerably elevated ONDO’s visibility and buying and selling quantity, which grew by 130% to succeed in $455,519,046.
3. Robust institutional help
Final however not least, Oando Finance’s strategic partnerships and investments by main enterprise capitalists have performed an important position in boosting investor confidence.
In April 2022, Oando Finance obtained $20 million in Sequence A funding from a number of main enterprise capitals, together with Pantera Capital, Coinbase Ventures, Tiger International Administration, Wintermute, and GoldenTree Asset Administration. These institutional backings are a constructive indicator for long-term progress prospects.
In late March 2024, Oando Finance moved $95 million of its belongings to BlackRock’s tokenized fund, BUIDL, to facilitate rapid settlement for its US Treasury-backed token, OUSG.
Whereas this particular transaction could not have instantly triggered the latest worth motion, the collaboration with BlackRock, a serious drive within the ETF market, has actually strengthened market sentiment of ONDO.
Pantera Capital’s backing additional enhances ONDO’s credibility, offering the monetary energy and strategic help wanted to navigate the risky crypto panorama.
On-chain Oando Finance (ONDO) information insights
In keeping with DefilamaOando Finance achieved the best complete worth locked (TVL) of $444 million on Might 24.
Apart from this, Data from IntoTheBlock It additionally indicated that the quantity of huge transactions elevated considerably by 52.3%, with 84% of ONDO holders presently in a worthwhile place and 15% at break-even.
Moreover, focus by massive holders stays remarkably excessive at 92%, with roughly 63% of holders holding their tokens for a interval of between one and twelve months.
In keeping with the on-chain information above, market sentiment relating to ONDO stays bullish, with many analysts and merchants predicting additional positive factors.
