Ethereum
Ethereum Whale Buys Ondo Finance Token ($ONDO) as TVL Rises
The Ondo Finance token hit an all-time high over the weekend as its demand among cryptocurrencies soared. The token reached a high of $1.0415, 430% above its lowest point this year, giving it a market cap of over $1.3 billion.
Ethereum whale recovers Ondo
The main catalyst for the recent rise in Ondo Finance tokens is that Bitcoin has rebounded to over $65,000 in recent days. In most cases, altcoins like Ondo, Solana, and Ethereum do well when Bitcoin is in a strong uptrend.
Ondo also surged amid renewed investor demand. A good example of this occurred on Friday when a Ethereum Whale withdrew tokens worth over $5.7 million from Gemini, a leading US exchange.
According to LookOnchain, the whale then purchased ONDO tokens worth around $6 million. This could be a sign that the whale has more information than most traders and investors. It could also be that the whale is one of its insiders or venture capitalists like Pantera and Founders Fund.
Data by CoinGecko confirms that Ondo Finance volume has increased recently. The token had a volume of over $266 million in the last 24 hours and $253 million on Saturday. These are significant amounts since they amount on average to less than $150 million.
The latest whale investment came as demand for Ondo Finance continued to rise. Data by Lama DeFi shows that the network now has over $433 million in assets, an all-time high. Most of these assets are in its US Dollar Yield (USDY) token, which commands an APY of 5.20%. The rest is US Treasury Bonds (OUSG), which have $184 million with an APY of 4.96%.
Ondo Finance has become one of the leading players in the tokenization industry, allowing investors to generate yield by investing in PIMCO and Blackrock’s liquid funds. Analysts estimate that tokenization will represent a multi-billion dollar industry in the coming years.
Ondo Finance Price Predictions
Turning to the daily chart, we see that the token bottomed at $0.6175 on April 14. It then rebounded and reached the crucial resistance level at $1.0415, more than 50% from its April low.
Ondo has remained above the 50-day and 25-day exponential moving averages, meaning the bulls are in control. However, it has also formed a triple top pattern whose neckline is at $0.6175. In most cases, this is one of the most popular bearish signs in the market.
Therefore, it is likely that the Ondo token price will experience turbulence in the coming days. Further upside potential will be confirmed if the token breaks the triple top pattern at $1.0415.