Ondo Finance Allegedly Distributes 49.7 Million To Fresh Wallets As ONDO Hits New All-Time High

ONDO, a tokenized real-world asset (RWA) token, has experienced a remarkable 19.23% price increase in the last 24 hours. The token is currently trading at $0.9145, with a 24-hour low and high of $0.7567 and $0.9744, respectively.

This impressive performance has propelled ONDO’s market capitalization to $1,270,964,418, ranking it 85th among all cryptocurrencies. The recent surge also pushed to hit its all-time high.

Ondo’s Role in Democratizing Access to Institutional-Grade Finance

The Ondo DAO entrusts its mission to democratize access to institutional-grade finance to its ONDO token holders, who play a crucial role in shaping its future. The Ondo DAO grants specific rights to ONDO holders regarding Flux Finance, a platform under its current governance.

By holding and participating in the governance of ONDO, investors can actively contribute to the development and growth of the Ondo ecosystem, which aims to bridge the gap between traditional finance and the world of cryptocurrencies.

BlackRock’s Move Fuels Real-World Assets Narrative

BlackRock’s launch of the first tokenized fund has sparked growing interest in real-world assets (RWA), contributing to the recent surge in ONDO’s price. This move by the world’s largest asset management company signals that market money could soon be moving into RWA, further fueling the narrative around tokenized real-world assets.

As a result of this increasing attention, ONDO has seen a staggering 92% price increase over the last seven days, highlighting the market’s enthusiasm for the RWA sector.

On-Chain Analysis Reveals Significant Accumulation

A recent report by Spot On Chain has shed light on the accumulation patterns of ONDO tokens. The analysis reveals that 11 first-time accumulators withdrew a total of 52.62 million ONDO tokens, worth approximately $36.9 million, from centralized exchanges (CEX) in the past three days.

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Ten Fresh Wallets Withdraw 49.7M ONDO from Coinbase

According to the report, ten fresh wallets withdrew 49.7 million ONDO tokens, valued at $36.9 million, from Coinbase at an average price of $0.743 on March 22, 2024. Interestingly, the Ondo Finance multisign wallet (0x677) deposited 49.9 million ONDO to Coinbase just 10 minutes before the withdrawals, suggesting a potential OTC deal.

Currently, these ten wallets still hold all 49.7 million ONDO tokens, which are now worth $46.7 million, representing a 26.6% increase in value.

Two Additional Wallets Accumulate ONDO from Gate.io

Spot On Chain has identified two other wallets as first-time accumulators, in addition to the ten wallets that withdrew ONDO from Coinbase. Wallet 0x92d withdrew 1.98 million ONDO, worth $1.74 million, from Gate.io at an average price of $0.880, realizing a 6.32% gain. Similarly, wallet 0xe6b withdrew 937,600 ONDO, worth $790,000, from Gate.io at an average price of $0.842, resulting in a 10.9% increase in value.

First-time buyers’ significant accumulation and the recent surge in Ondo’s price underscore the growing interest in tokenized real-world assets. We expect the RWA narrative to gain further traction as major players like BlackRock continue to explore this sector, potentially leading to increased adoption and value appreciation for tokens like ONDO.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency