The post Crypto Whale Buys $5.7 Million ONDO, Followed by Price Spike appeared on BitcoinEthereumNews.com.

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. 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…

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Filed under: News - @ May 18, 2024 10:22 am