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Ondo DAO and Flux Finance powered by the ONDO token, have recently experienced significant growth with its price increasing by 40% last week, reaching an all-time high of approximately $0.77. Since its launch just two months ago in January 2024, ONDO has seen an impressive rise of over 350%, reflecting the growing interest in decentralized finance (DeFi) and tokenized assets.
The Rise of ONDO
The acceleration in ONDO’s price rally coincided with the world’s largest asset management company, BlackRock, entering the Blockchain world by offering a tokenized fund on Ethereum, which led to a notable increase in the price of various Real World Asset (RWA) tokens. Among these tokens, Ondo Finance (ONDO) stands out, aiming to bridge traditional finance with DeFi by tokenizing securities, thus attracting significant market interest.
Data provided by the on-chain analysis company Santiment shows a significant increase in whale transactions related to ONDO. Accordingly, transactions exceeding $100,000 rose from 68 to 91 in the last 24 hours. This increase in whale activity coincided with a decrease in ONDO’s supply on exchanges, indicating a strong bullish sentiment and increasing demand for the token.
Despite the recent price increase, technical indicators suggest that ONDO still has more upside potential. The altcoin’s price is currently trading above its 50-day moving average, indicating a short-term uptrend, while the Relative Strength Index (RSI) remains at healthy levels, suggesting there is room for growth before reaching overbought conditions.
Notable Expansion
Furthermore, the recent launch of Ondo Global Markets by Ondo Finance, a platform that facilitates the tokenization of traditional securities, marks an important milestone in terms of expansion. This strategic move allows ONDO to extend its offerings beyond tokenized US Treasury bonds, reaching a wider audience and potentially creating more demand for the token.
In addition to expanding its product offerings, Ondo Finance is also increasing interest in the project by forming partnerships with various Blockchain networks, including Aptos (APT), Sui (SUI), and Solana (SOL). By integrating tokenized treasury bond products and offering additional DeFi applications, Ondo is diversifying its presence across multiple Blockchain networks and strengthening its leading position in the RWA tokenization sector.
