Whale Activity Surges as ONDO Temporarily Reaches New All-Time High
The native token of Ondo Finance, ONDO, has reached a new all-time high (ATH) as the market displays signs of a swift recovery. At the time of writing, ONDO is trading at $0.70, experiencing a 39% increase in the past 24 hours. Notably, the asset reached a new ATH of $0.77 on March 21 at around 01:30 UTC. This surge in ONDO’s price has propelled the token into the top 100 cryptocurrencies list, with a total market cap of $974 million.
Data provided by Santiment reveals that the number of whale transactions involving at least $100,000 worth of ONDO has increased from 68 to 91 unique transactions over the past 24 hours. The heightened whale activity typically indicates high price volatility.
Interestingly, despite this increased activity, the ONDO supply on all exchanges has actually decreased from 536.64 million tokens to 529.60 million tokens since March 18, according to Santiment. This movement suggests that some investors may be anticipating a further price surge rather than engaging in short-term profit-taking.
Santiment’s market intelligence platform also indicates that ONDO’s Relative Strength Index (RSI) has risen from 50 to 59 in the past day. This indicator suggests that the asset is slightly overheated at the moment, and there is a possibility of whale price manipulation.
In January, Ondo Finance expanded its operations in the Asia Pacific region, focusing on the tokenization of real-world assets (RWA). The company allows international investors to access U.S. asset classes through tokenization and currently holds a 40% market share.
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