๐๐Buckle up, Bitcoiners! Ondo Finance's ONDO token is on a tear, rocketing nearly 20% to an all-time high of $1.15 on May 24, 2024. ๐๐ This surge is largely credited to Coinbase adding ONDO to its perpetual market.
๐๐DefiLlama data reveals that this increase has catapulted ONDO's market cap beyond a whopping $1.6 billion. On May 21, Ondo Finance also hit a peak total value locked (TVL) of $453 million, its highest level ever.
๐๐IntoTheBlock data shows a 52.3% rise in large transaction volumes for ONDO, with all holders currently in the green. A significant 92% of these holders are large ones, with around 63% of investors holding their tokens for periods between one and twelve months.
๐๐Since mid-March, ONDOโs price oscillated between $0.97 and $0.69 but broke out on Friday. A 10% rally ended the consolidation, pushing ONDO to an initial record high of $1.05. Now in a price discovery phase, investors expect the bullish momentum to continue driving it upward.
๐ฏ๐ฏThe rally came amid the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum exchange-traded funds (ETFs). Despite the controversial impact on the rest of the market, ONDO is among the top performers on a daily scale.
๐๐Since its launch earlier this year, ONDO has seen strong demand and has rallied over 1,300% from its all-time low. Another major catalyst behind the ONDO price rally could be related to Coinbaseโs addition of the asset to its perpetual market.
๐ฎ๐ฎFollowing the announcement, several market traders have issued bullish calls for ONDO. One emphasized that ONDO represents a potent โETH betaโ set for attention soon. Another predicts an upcoming surge in the โreal-world-asset narrative,โ highlighting ONDOโs noteworthy performance.
๐๐So, here's to ONDO's continued ascent! Keep your eyes on the prize, Bitcoiners! ๐๐