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Crypto Whale Invests $5.7 Million in ONDO, Followed by Price Surge Over 9%

2 mins
Updated by Lynn Wang
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In Brief

  • A crypto whale bought $5.7 million worth of ONDO.
  • ONDO price surged over 9% to $1.03 in 24 hours.
  • ONDO trades close to its all-time high of $1.05.
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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 crypto exchange Gemini. Subsequently, the crypto whale used 1,870 ETH to acquire the 6 million ONDO tokens.

This transaction has caught the crypto community’s attention. Coincidentally, ONDO, the native token of Ondo Finance, witnessed a notable price increase following the purchase.

What Comes Next for ONDO’s Price?

On-chain data shows that this crypto whale bought ONDO at an average price of $0.95. This entry price is intriguing, as some analysts believe ONDO’s fair price range is between $0.40 and $0.70. Given their significant investment above the anticipated range, Lookonchain suspects the whale might have insider knowledge.

Following the whale’s purchase, ONDO’s price surged. It surpassed the $1 mark and briefly hit $1.04. This surge brings ONDO closer to its all-time high of $1.05, recorded on March 31.

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

Read more: What Are Tokenized Real-World Assets (RWA)?

ONDO Price Performance.
ONDO Price Performance. Source: BeInCrypto

Crypto analyst Mags commented on the price movement. He shared his analysis for ONDO’s next price target.

“If the price closes above $1, the next target would be $1.40 and $2.70+,” Mags wrote.

Despite this recent transaction, Ondo Finance, known for its innovative approach to tokenized securities, has recently been in the spotlight. Earlier this month, the platform announced a strategic partnership with Zebec Network.

This collaboration aims to enhance USDY, a stablecoin’s operation. Furthermore, it will integrate Zebec’s Instant Card technology and real-world asset (RWA) payment solutions.

In another significant development, in March, Ondo Finance transferred $95 million to BlackRock’s newly launched tokenized fund, BUIDL. It aims to facilitate instant settlements for the Ondo Short-Term US Government Fund (OUSG), backed by US Treasuries. This move is particularly noteworthy since it is the first time a crypto protocol has used a tokenized fund for its offerings.

Read more: What is The Impact of Real World Asset (RWA) Tokenization?

Tokenized Treasury Market Shares.
Tokenized Treasury Market Shares. Source:

According to data, Ondo’s OUSG is currently the third-largest tokenized fund, with a market capitalization of $135.83 million. This aligns with recent research from CoinGecko, which predicts that RWA will be a dominant crypto narrative in 2024. Based on its data, as of May 18, crypto assets in the RWA category have a cumulative market capitalization of $8.43 billion.

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Lynn Wang
Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...