ONDO gained ground, climbing into the top 100 by market cap, hitting $0.76.
Over 3,000 participants have added the token in the past 20 days, indicating growing interest.
Ondo [ONDO], the native token of the securities tokenization project Ondo Finance, has become the 94th most valuable project by market capitalization. As of press time, ONDO’s market capitalization is $1.05 billion.
Market capitalization is the product of price and circulating supply. ONDO has a circulating supply of $1.38 billion out of $10 billion. While the circulating supply has not changed, the token price has climbed and is changing hands at $0.76.
The value has increased by 31.46% in the past 24 hours. However, ONDO did not enter the top 100 for no reason, as AMBCrypto discovered.
Tokenization narrative helps price rise
According to our findings, leading investment firm BlackRock is a major factor in the price increase. On March 20, The Wall Street Journal (WSJ) reported that BlackRock has committed to another round of funding to launch a tokenized money market fund.
Details of the report revealed that the fund will be dedicated to Ethereum [ETH]-based tokenized securities projects. The company also calls it the BlackRock USD Institutional Digital Liquidity (BUIDL) Fund.
Regarding this development, Robert Michnik, head of digital assets at BlackRock, said:
“Tokenization remains a key focus of BlackRock’s digital asset strategy. Through tokenization of the fund, BUIDL will deliver important benefits to investors by enabling the issuance and trading of title on the blockchain.”
You might be wondering how ONDO fits into all of this. The fact is that the project not only has the fundamentals of security tokenization in place. But it’s also built on Ethereum.
Beyond that, BlackRock’s tokenization plans mean that crypto projects focused on real-world assets (RWAs) could benefit from the development.
More holders join the Ondo train
Additionally, AMBCrypto uses on-chain data to check if any other changes have occurred to ONDO. According to Santiment data, Ondo’s social dominance surged to 0.869% on March 20.
Although the metric has dropped to 0.352, the rise means that the project has become one of the hot topics. Going forward, the discussion around ONDO may start to compete with other assets in the top 100.
Another notable improvement in the Ondo network is the number of its holders. As of March 1, the total number of ONDO holders was 5,151. As of press time, the number has increased to 8,245.
This 3000+ increase in positions proves that the price increase of ONDO is not artificial. On the contrary, the demand for tokens has been increasing.
Going forward, ONDO’s value may see further gains. But this will depend on the demand for tokenized securities on the blockchain.
If demand increases when altcoin prices start to surge, ONDO’s price could become one of the best performers. At the same time, a drop in value could also occur in the short term.
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