© Reuters. Forget Dogecoin, Shiba Inu, This RWA Token Clocked 23% Single Day Gains, ‘Short Term $1, Long Term $10’ Says Trader
Benzinga – While the crypto community is cheering the meme coin rally, this real-world asset (RWA) token Ondo Finance (CRYPTO: ONDO) reported a 23.3% surge in valuation.
What Happened: Santiment data, as cited by Crypto News, indicates the number of whale transactions of at least 100,000 worth of ONDO increased to 91 from 68 in the last 24 hours.
Also, ONDO supply on all exchanges narrowed to 529.6 million from 536.64 million likely pointing out that investors are looking out for a price increase and not short-term profit taking.
Additionally, Ondo Finance launched ONDO Global markets to expand across multiple chains supporting all publicly traded securities. While the ONDO finance narrative is headed strong, BlackRock’s $100 million tokenization fund announcement has driven real-world tokens higher.
Also Read: Ondo Finance, Coinbase-Backed Tokenization Project Expands To Asia Pacific, Rallies Over 60% In One Week
Why It Matters: Based on Coin Gecko data, the valuation of real-world tokens witnessed a 33.4% surge in the last 24 hours to $5.6 billion. Ondo Finance ($427.1 million) stands second on the board based on trading volume behind Polymesh ($456 million).
The token price briefly peaked at its all-time high level ($0.79) amid the single-day significant surge with a 23.3% surge in a single day taking monthly gains to 125%.
Heavily followed crypto trader, NekozTek tweeted,
$ONDO just continues to cook.
Short term $1, long term $10. https://t.co/aMMzq7av0f pic.twitter.com/APfSHPCEox
— NekoZ (@NekozTek) March 21, 2024
A web3 researcher, B.O.G in the latest tweet indicated that after the Blackrock tokenization fund intent and filing, RWA assets are back on everyone’s radar. His top picks include Ondo Finance leading the list.
Crypto trader, Jacob Canfield tweeted, “Price discovery initiated to the 1.618 fib extension for another 23% gain overnight. Typically, we see a little consolidation before an attempt to the 2.618.”
Amidst all the hype around many non-utility meme tokens, this high-utility real-world along with optimistic analysts’ opinion, is likely to witness a significant rally soon.
Photo by Igor Faun on Shutterstock
Read Next: Blockchain Security-Focused Token HAI Rallies 50% In A Week, Betting On Asset Tokenization: Was Larry Fink Right?
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