Recently, the Real-world assets (RWAs) have come into focus in the crypto space. ONDO token is one of them, which began to skyrocket gains this week.
This week, the token has completed the fund data tokenization pilot by the Depository Trust & Clearing Corporation (DTCC) and Chainlink in collaboration with major U.S. banks.
As a result, the ONDO token price has reached the 52-week high mark and signifies sharp whale buying activity. In addition, the token trades close to the round mark of $1 and will get to the blue-sky zone soon.
At press time, the ONDO token (ONDO) price traded at $0.9734 with an intraday surge of 1.10%, reflecting sharp bullishness on the charts. It has a monthly return ratio of 43.20% and 3167.20% yearly.
The pair of ONDO/BTC is at 0.0000145 BTC, and the market cap is $1.94 Billion. Analysts are neutral and suggest that the ONDO price may cross the $1 mark and might escape the ATH soon.
ONDO Hints Whale Accumulation: $1 Mark On The Cards?
This week, a sharp bullish wave led the token to surge over 38%, crossing the key moving averages. Moreover, the token is looking for a sharp rally ahead to break its ATH mark of $1.05.
Source: Santiment
A significant spike in the trading volume of over 27.37% to $260.78 Million revealed investor speculation in the last 24 hrs.
The price of #RWA token $ONDO pumped ~10%, after DTCC, #Chainlink completed fund data tokenization pilot with U.S. banks!
In the past 17 hours, New whale 0x803 withdrew 957 $ETH from #Gemini and has swapped 796.3 $ETH ($2.38M) for 2.64M $ONDO at ~$0.902!
The $ONDO buying is… pic.twitter.com/PP8FNUmPWC
— Spot On Chain (@spotonchain) May 17, 2024
Source: Twitter
After successfully completing the DTCC- Chainlink pilot project, RWA tokens, including the ONDO, witnessed a sharp surge and outperformed the crypto market.
Going forward, a new whale, identified by the address 0x803, made a notable move by withdrawing 957 ETH from the Gemini exchange, according to the Spot On Chain.
Sharp Spike In Volatility: What’s Next For ONDO?
Following the sharp price surge, the price volatility witnessed an intense fluctuation, reflecting the rush among investors to buy the RWA tokens.
This week, the volatility data showcased a spike of over 76% to the 0.034 mark.
Source: Santiment
Likewise, the weighted sentiment looks spiked to the bullish region and is highlighting the positive outlook.
Futures Data Replicate Massive Long Add-Ons
As per the coinglass futures derivative data, sharp, long buildup activity was noted.
Source: CoinGlass
The open interest data spiked over 15.27% to $198.17 Million in the last 24 hrs, signifying the massive whale accumulation.
Conclusion
The ONDO token price rose over 3% intraday and might soon skyrocket gains above the $1 mark. Buyers have gained traction and persisted in accumulation, while the bear cartel looked trapped and covered their positions.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Read the full article here
