Ondo Prices Rise 9% After Purchase from Whale Worth $5.7 Million

Bittime - Ondo price rises 9% after purchase from Whale worth $5.7 Million. This news certainly brings joy to Ondo holders.

How did the price of Ondo rise 9% after getting an investment worth $5.7 million from Whale ? Listen here.

Ondo Price Rise Starts on Lookonchain

Lookonchain, an on-chain analytics platform , reported that a crypto whale created a new wallet on May 16 and withdrew 1,870.68 ETH from the Gemini crypto exchange. 

Then, the whale used 1,870 ETH to buy 6 million ONDO tokens.

This transaction attracted the attention of the crypto community. Because, coincidentally, the price of ONDO, the original token from Ondo Finance, experienced a significant increase after the purchase.

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Next Ondo Price Prediction

Source: https://beincrypto.com/

From the 9% increase in Ondo's price, on-chain data shows that these crypto whales bought ONDO at an average price of $0.95. 

This entry price is interesting as some analysts believe ONDO's reasonable price range is between $0.40 and $0.70. 

Given the significant investment made above the anticipated range, Lookonchain suspects the whale may have insider knowledge.

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After the whale's purchase, ONDO's price soared, surpassing the $1 mark and briefly reaching $1.04. 

This surge brought ONDO close to its all-time high of $1.05 recorded on March 31.

However, ONDO is trading at $1.03 at the time of writing. This figure marks a 9.9% increase over the last 24 hours and a 26.3% increase in the past week.

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Comments on Ondo Price Movement

Crypto Mags analysts provide comments regarding ONDO price movements and share their analysis for the next price target.

“If price closes above $1, the next targets are $1.40 and $2.70+,” wrote Mags.

In addition to recent transactions, Ondo Finance, known for its innovative approach to tokenized securities, has recently been in the spotlight. 

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Earlier this month, the platform announced a strategic partnership with Zebec Network.

This collaboration aims to improve USDY stablecoin operations . 

Additionally, the company will integrate Zebec Instant Card technology and real world asset (RWA) payment solutions.

Ondo's Significant Development

In another significant development, in March, Ondo Finance transferred $95 million to BlackRock's new tokenized fund, BUIDL . 

The move aims to facilitate instant settlement for Ondo's Short-Term US Government Fund (OUSG), which is backed by the US Department of the Treasury. 

The move is considered important because it is the first time a crypto protocol has used token funds for its offering.

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According to RWA.xyz data, OUSG Ondo is currently the third largest token fund, with a market capitalization of $135.83 million. 

This is in line with recent research from CoinGecko which predicts that RWA will become the dominant crypto narrative by 2024. 

Based on this data, as of May 18, crypto assets in the RWA category had a cumulative market capitalization of $8.43 billion.

How to Buy Ondo (ONDO) on Bittime

You can buy and sell Ondo (ONDO) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ondo (ONDO) is available on Bittime with the ONDO/IDR market pair . To be able to buy ONDO IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor the price chart movements of Ondo (ONDO) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.