ONDO hits record high after soaring 40%: Should you buy it today?
Ondo [ONDO], the native token of the security tokenization project Ondo Finance, became the 94th most valuable project in terms of market capitalization. Currently, ONDO has a market capitalization of $1.05 billion.
Market capitalization is the product of price and circulating supply. ONDO has $1.38 billion of $10 billion in circulation. While the circulating supply remained unchanged, the token price climbed and changed hands at $0.76.
The value increased by 31.46% in the last 24 hours. However, ONDO didn’t make it into the top 100 for no reason as AMBCrypto discovered.
Tokenized narrative helps prices rise
According to our findings, leading investment firm BlackRock is a major contributor to the price increase. On March 20, the Wall Street Journal (WSJ) reported that BlackRock had committed to another round of financing to launch a tokenized money market fund.
Details of the report reveal that the fund will be dedicated exclusively to Ethereum [ETH]-based token securities projects. The firm is also calling it the BlackRock USD Institutional Digital Liquidity (BUIDL) fund.
Regarding this development, Robert Michnick, head of digital assets at BlackRock, said:
"Tokenization remains a focus of BlackRock's digital asset strategy. Through the tokenization of funds, BUIDL will deliver important benefits to investors by enabling the issuance and trading of ownership rights on the blockchain."
You may be wondering how ONDO is involved in all of this. The fact is that the project has more than just the fundamentals of security tokenization. But it is also built on Ethereum.
Beyond this, BlackRock’s tokenization plans mean that crypto projects focused on real-world assets (RWA) may benefit from the development.
More holders join the Ondo train
Additionally, AMBCrypto uses on-chain data to check if any other changes have occurred in ONDO. Ondo’s social dominance surged to 0.869% on March 20, according to Santiment.
Although the indicator has dropped to 0.352, this increase means that the project has become one of the hottest topics. Going forward, the conversation around ONDO may begin to compete with other assets in the top 100.
Another significant improvement to the Ondo network is its holder count.As of March 1, the total number of ONDO holders was 5,151. , that number has increased to 8,245.
This increase of 3,000+ positions proves that ONDO’s price increase is not artificial. On the contrary, demand for the token has been increasing.
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