Lookonchain, an on-chain analytics platform, recently disclosed an intriguing transaction involving a crypto whale. On May 16, the whale initiated a transfer of 1,870.68 ETH from the cryptocurrency exchange Gemini to a newly created wallet.
Subsequently, the whale utilized 1,870 ETH from this wallet to acquire 6 million ONDO tokens.
This transaction has garnered considerable interest within the crypto community. Remarkably, following the purchase, the native token of Ondo Finance, ONDO, experienced a significant price surge.
What’s Next for the Price of ONDO?
According to on-chain data, this cryptocurrency whale paid an average of $0.95 for ONDO. This entrance price is intriguing because, according to some analysts, ONDO should be priced between $0.40 and $0.70. Lookonchain believes the whale may possess insider knowledge due to their substantial investment, which exceeds the expected range.
The price of ONDO increased after the whale was purchased. It crossed $1 and briefly reached $1.04. With this increase, ONDO is getting closer to its all-time high of $1.05, which was set on March 31.
At the time of writing, ONDO is trading for $1.03. The number represents an increase of 9.9% over the last day and 26.3% over the previous week.
Mags, a crypto expert, offered commentary on the price change. He discussed his analysis on the next price goal for ONDO.
The next targets, according to Mags, would be $1.40 and $2.70+ if the price closes over $1.
Ondo Finance, renowned for its creative handling of tokenized assets, has recently gained attention despite this recent deal. The platform and Zebec Network announced a strategic agreement earlier this month.
The purpose of this partnership is to improve USDY, a stablecoin. Moreover, it will incorporate real-world asset (RWA) payment options with Zebec’s Instant Card technology.
Another noteworthy event occurred in March when $95 million was moved by Ondo Finance to BlackRock’s recently established tokenized fund, BUIDL. With support from US Treasuries, it seeks to expedite settlements for the Ondo Short-Term US Government Fund (OUSG).
According to data from RWA.xyz, Ondo’s OUSG ranks as the third-largest tokenized fund, boasting a market capitalization of $135.83 million. This finding resonates with recent research conducted by CoinGecko, forecasting that Real World Assets (RWA) will emerge as a dominant crypto narrative in 2024. CoinGecko’s data, as of May 18, indicates that crypto assets categorized under RWA collectively command a market capitalization of $8.43 billion.
May 2024, Cryptoniteuae
