Watch out for this one! The cryptocurrency ONDO, which is the brain behind Ondo Finance, has been in rocket mode, rising 60% in just a month! From around $0.69 at the beginning of July, it skyrocketed to $1.169. And do you know what lit the fuse? None other than the news that 21Shares filed papers for an ETF (Exchange-Traded Fund) that tracks ONDO. That's like adding nitrogen to speed! 💨
But be careful, not everything is going up. As a good crypto, ONDO has had its breather, dropping 10.44% to $1.025 at the time of writing this. This lowered its market capitalization from $3.7 billion to $3.2 billion. However, here comes the key data! In the last 24 hours, more than $448 million in ONDO tokens were traded. This is no small feat; it means that people are still super interested and that the 21Shares ETF could bring a brutal institutional demand. Imagine the big players entering the game. 🦈
Why is this so big? Ondo Finance is not just any project. It's a layer 1 proof-of-stake blockchain created specifically for institutional finance and to bring real-world assets (RWA) into the crypto world. Think of real estate, bonds, stocks, but in token version! 🌍
They have made significant alliances, like in February, when they partnered with giants like Franklin Templeton, WisdomTree, Google Cloud, McKinsey, BlackRock, PayPal, and Morgan Stanley to launch their Ondo Finance Chain. That's elite level! Last week, BNB Chain also joined the party to integrate RWA into its ecosystem, connecting Wall Street with the crypto universe. And a few months ago, Mastercard added them to its Multi-Token network. Connections that are worth gold! 🔗
Analysts are optimistic. 'Crypto Targets' sees ONDO in a "double accumulation" phase that could push it beyond $2. And financial educator Kren goes further: if ONDO captures just 0.1% of the U.S. Treasury bond market (which is about $27 trillion), it could reach $6.75 per unit! Imagine that scenario! 🤯
Technically, although it had a 9% correction, the trend remains bullish. The indicators show that there is room to keep rising. If ONDO maintains support above $0.95, we could see a rebound towards $1.61. The move is interesting!
Will ONDO break the $2 barrier and establish itself as a heavyweight in asset tokenization? The stage is set for an exciting race. Let's keep track of it! 👀$ONDO
