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Recently, the native token of the tokenized real-world asset (RWA) platform Ondo Finance, ONDO, experienced a notable price increase. This rise led ONDO to reach new heights and marked significant developments in market performance. The token surged to an all-time high of $1.16 and, after a slight dip, continues to trade at a stable level.
Why Did Ondo Finance (ONDO) Rise?
According to recent data, ONDO is priced at $1.10, achieving impressive gains of 10.45% in the last 24 hours, 16.66% over the past week, and 24.00% over the past month. Since its initial exchange offering at $0.055 in January 2024, ONDO’s price has increased by 577.86%, demonstrating strong upward momentum and growing investor interest.
One of the key catalysts behind ONDO’s price increase is the approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). This significant decision signaled a more favorable regulatory environment for cryptocurrencies and paved the way for optimism in the market.
This approval not only strengthened Ethereum but also positively impacted ONDO, which is among the tokens associated with Ethereum. As a strong asset based on Ethereum, ONDO significantly benefited from this regulatory development and aligned with the broader “real-world asset” narrative in the crypto market.
Coinbase Listing as Another Price-Boosting Factor
Another crucial factor contributing to ONDO’s rise was its recent listing on Coinbase. Coinbase listed ONDO-PERP alongside PYTH-PERP and ZETA-PERP, increasing the token’s visibility and trading volume. This listing provided greater accessibility and trading flexibility for investors, resulting in a 130% increase in ONDO‘s trading volume.
Strong institutional support also played a critical role in ONDO’s growth story. Ondo Finance secured strategic partnerships and investments from major venture capital firms such as Pantera Capital, Coinbase Ventures, Tiger Global Management, Wintermute, and GoldenTree Asset Management. These institutional endorsements boosted investor confidence and supported strong long-term growth prospects for ONDO. At the time of writing, Ondo’s price was at $1.15.
