Is the RWA Narrative back? ONDO crypto project skyrockets after SEC approval of Ethereum spot ETFs. Find out why ONDO price surged by +13.26%.
As soon as the SEC gave the nod to eight Ethereum spot ETFs, top RWA crypto project ONDO did a moonshot in price.
It had been at $0.92 pre-announcement. Following the news, the token surged by +13.26% in 24 hours, crossing the crucial $1 psychological threshold now at $1.12. Metrics now suggest the rally for RWA crypto projects like ONDO is just getting started.
Yesterday night when the news broke out about the Eth approval and I tweeted that I am doing absolutely nothing with that info based on the chart looking like only idiots trading it, which aged well.
But I did notice $Ondo being an outlier beneficiary. But I thought, still… pic.twitter.com/OQnt3ip1eG
— Sp3y3Der ▚▘▚▘▚▘ (@sp3y3der) May 24, 2024
ONDO Price’s Connection with Ethereum
Ondo Finance recently plugged its assets into BlackRock’s BUIDL tokenization fund on Ethereum, hitching ONDO to the crypto giant’s ecosystem.
This is why it caught a ride with the Ethereum ETF news.
The project has become increasingly attractive to buyers because it is at the forefront of the RWA narrative, ditching old-school finance for a blockchain model that trades real estate and commodities on-chain.
The first post-ETF news narrative is already shaping up: $ONDO.
Well-positioned to take advantage of the RWA-trend, which BlackRock is very eager to push.
Just broke all-time highs, and looks ready to send higher.
Bags packed since <$0.80, send it. pic.twitter.com/l2YRn01mAN
— Jelle (@CryptoJelleNL) May 24, 2024
The smart money was ahead of the game on the ETH ETF news—as we told you about weeks ago, ‘buy the rumor, sell the news.’
On-chain data revealed a trader exchanged 1,870 ETH for ONDO at $0.95 six days ago. Meanwhile, a February buyer, sitting on a 288% profit, hasn’t cashed out, expecting the price to keep climbing.
DISCOVER: Best RWA Tokens To Buy in May 2024
Is It Another 10x From These Levels?
According to recent Santiment data, ONDO’s volume just smashed a monthly high of $449.50 million, thanks to surging interest, Santiment reports.
The long-term game looks solid, too, with Ondo Finance’s TVL soaring to $438.42 million, according to DeFiLlama.
Given this trend, the TVL could hit $1 billion in a few months, benefiting ONDO’s price and possibly pushing it to $2 or even $4.
Bottom Line: A Promising Future for RWA
(ONDOUSDT)
ONDO is geared for significant growth with booming volume, climbing TVL, and its Ethereum connection.
We’d be weary for anyone entering now. Lots of early holders entered at 20 cents. However, with the RWA narrative being so strong, ONDO could be the defining RWA crypto.
EXPLORE: How to Buy Ethereum And Capture Biggest Gains from ETH ETF approval?
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
