On August 6, Ondo Finance’s native token, ONDO, surged nearly 30% after OKX, a major crypto exchange in Asia, announced it would list perpetual futures for the token.
This listing has increased excitement and optimism among investors, especially as the broader market shows signs of recovery. The listing is expected to attract new investments and boost the token’s value further.
OKX Lists ONDO Token on Perpetual Futures Market
On August 6, OKX announced that it will list the ONDO token on its perpetual futures market at 10:30 AM UTC. This listing will allow users to trade the token with up to 50x leverage, potentially increasing its appeal and trading volume.
Additionally, the announcement included the launch of spot margin trading and ‘Simple Earn’ for the ONDO token, starting at 10:00 AM UTC. These new features are expected to attract more users and boost the token’s ecosystem.
Historically, similar listings, like those for PEPE, MKR, and AAVE on Coinbase, have generated positive market sentiment. Adding to the intrigue, recent on-chain data from Arkham shows that the BlackRock BUIDL fund transferred $8.1 million worth of tokens to Ondo Finance in the past day, which may further influence the token’s price following recent market fluctuations.
ONDO Token Surges 32.78% Amid Market Recovery
As of writing, the ONDO token has risen 32.78% in the past 24 hours, reaching a price of $0.7134. During this period, its price fluctuated between $0.5056 and $0.75. This significant increase is occurring alongside a broader recovery in the cryptocurrency market and gains in Japan’s Nikkei and Topix indices, both up 12%.
Derivatives data from Coinglass highlights a strong upward trend for ONDO today. The open interest for the token surged by 40.32% to $88.38 million, while derivatives trading volume increased by 22.15% to $832.87 million, reflecting heightened investor interest.
Additionally, the Relative Strength Index (RSI) for ONDO is around 26, indicating that the token is in oversold territory. This situation may attract more buyers and contribute to further positive price movements.
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