Ondo Finance‘s main network asset ONDO has seen an impressive 150% increase in value over the past seven days, marking a significant price surge. Investors are closely monitoring the ONDO as it targets a major breakthrough above $1, anticipating more rally potential.
Investor Numbers Double in a Month
The current upward trend in ONDO’s price coincides with a significant growth in the investor base, which has doubled in the last month. The steady rise in investor numbers at the beginning of 2024 accelerated towards the end of March, surpassing the 10,000 investor mark. This increase in investor numbers corresponds to more than a twofold rise, indicating growing interest and confidence in ONDO.
However, experts warn about the sharply risen ONDO MVRV Ratio (Z Score), from 1.39 to 3.57, despite the strong upward momentum. This metric suggests a potential pullback before further upward movements. At the time of writing, ONDO is trading at $0.9403, experiencing a slight pullback, with analysts expecting a correction down to $0.84 before it continues its upward trajectory.
Whale Activity Increases
On the other hand, recent data from on-chain data provider Lookonchain reveals a significant increase in whale activity, particularly surrounding real-world asset tokens focused on by Ondo Finance.
Notable transactions by cryptocurrency whales include significant withdrawals of ONDO tokens from exchanges such as Bybit and Gate.io, amounting to millions of dollars, indicating increased interest in purchasing real-world asset tokens, including ONDO.
The current upward trend in ONDO’s price, the influx of new investors, and high whale activity are the most evident indicators of growing trust and interest in Ondo Finance and its native asset ONDO.
