Here’s why Ondo Finance (ONDO) price is skyrocketing

  • Ondo Finance (ONDO) price hits a new all-time high above $1.15.
  • Ondo’s price surge is driven by the SEC’s approval of Ethereum ETFs and strong institutional support.
  • Ondo Finance (ONDO) is listed on Coinbase, increasing its visibility and trading volume.

Ondo Finance (ONDO), the native token of tokenized real-world assets (RWA) platform Ondo Finance, has recently seen a remarkable price rise.

The ONDO token recently hit an all-time high of $1.16 and despite a slight decline, it appears to have regained its footing.

At press time, ONDO was priced at $1.10, reflecting a 10.45% increase over the past 24 hours, a 16.66% increase over the past week, and an increase of 24 .00% over the past month.

Since its launch, ONDO price has skyrocketed 577.86% from its IEO price of $0.055 in January 2024.

These figures highlight ONDO’s strong bullish momentum and growing investor interest.

Key catalysts for Ondo’s price surge

1. SEC Approval of Spot Ethereum ETFs

One of the most significant factors contributing to ONDO’s recent price surge is the U.S. Securities and Exchange Commission’s (SEC) approval of Ethereum spot exchange-traded funds (ETFs).

This landmark decision fueled market optimism, suggesting a more favorable regulatory environment for cryptocurrencies.

The approval not only boosted Ethereum (ETH), but also positively impacted Ethereum-related tokens like ONDO, which is considered a strong beta asset of Ethereum and a key player in the “assets of the real world “.

2. Coinbase Listing

Another major catalyst for ONDO’s rally is its recent listing on Coinbase’s perpetual market.

The inclusion of ONDO-PERP, as well as PYTH-PERP and ZETA-PERP, on Coinbase has provided greater accessibility and trading flexibility for investors.

The move significantly increased ONDO’s visibility and trading volume, which jumped 130% to $455,519,046.

3. Strong institutional support

Finally, Ondo Finance’s strategic partnerships and investments made by large venture capital firms have played a crucial role in strengthening investor confidence.

In April 2022, Ondo Finance received $20 million in a Series A investment from several major venture capital funds, including Pantera Capital, Coinbase Ventures, Tiger Global Management, Wintermute, and GoldenTree Asset Management, among others. These institutional supports are a positive indicator of long-term growth prospects.

In late March 2024, Ondo Finance transferred $95 million of its assets to BlackRock’s tokenized fund, BUIDL, to facilitate instant settlements of its US Treasury-backed token, OUSG.

While this specific transaction may not have directly triggered the recent price movement, the association with BlackRock, a dominant force in the ETF market, has certainly boosted ONDO’s perception in the market.

Pantera Capital’s support continues…

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