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Whales Scramble to Grab ONDO Under $1 as Tokenization Booms 7000%
The recent surge in tokenization has led to a significant increase in the value of U.S. Treasuries, with ONDO Finance [ONDO] being a notable exception. Despite its growth reaching an astonishing 7000%, ONDO’s price is stalling. However, this stagnation hasn’t deterred whales from accumulating the altcoin at a discounted rate.
According to onchain data provided by Arkham Intelligence, a large wallet has been actively buying ONDO under $1, amounting to approximately 1.35 million ONDO tokens, equivalent to $1.26 million. This development comes as the leadership of ONDO expands its minting capabilities to CoWSwap, aligning with the platform’s objective of making tokenization more accessible and user-friendly.
The growth in ONDO is no surprise, given the exponential expansion of Real World Assets (RWA) tokens since the start of Trump’s second term. The White House Bitcoin report also highlighted ONDO as a leader in this space, further validating its potential for long-term success.
Despite the recent bearish patterns, it remains to be seen whether ONDO can hold onto its current price levels. As it stands, the altcoin has already formed two bearish reversal patterns, suggesting that more downside may be on the horizon. Any attempt by ONDO’s price to break out and retest $1.15 would require a significant shift in investor sentiment and could result in a potential rebound.
It is worth noting that ONDO has not been immune to the broader market decline, which has also affected stocks. The tokenization space, however, continues to defy this trend, with ONDO leading the charge. As such, it will be essential to monitor how Bitcoin’s [BTC] price reacts in the coming days, as any increase could potentially boost investor confidence and drive more capital into the market.
For now, it seems that whales have taken advantage of the current downturn in the market to accumulate a significant amount of ONDO at a discounted rate.
Source: ambcrypto.com
