Recently, there has been a surge in the prices of RWAs just by being linked with BlackRock. This caused a frenzy in the cryptocurrency market, with many digital assets experiencing rapid growth. In contrast to the recent market downturn, ONDO, backed by individual investors, saw a more modest decline.
ONDO Comments
The movement in ONDO’s price has been quite distinct compared to other cryptocurrencies. Typically, large investors, known as whales, help stabilize the market during times of panic. However, in the case of ONDO, individual investors stepped in as the saviors. For the latest financial and business news, visit COINTURK FINANCE.
Recently, investors holding between 10 million and 100 million ONDO tokens sold 132 million ONDO worth over $141 million. These sales were likely triggered by the ongoing market decline. Despite this, the situation took an interesting turn. Individual investors responded to the actions of the whales by initiating a significant buying spree, which helped maintain the price stability. The holdings of mid-term investors in ONDO visibly increased during these events.
Before the transactions, the total ONDO amount held by investors was 34%, which increased to 72% after all the transactions were completed. On the other hand, the holdings of short-term investors dropped from 53% to 22%. Ultimately, ONDO did not experience a significant drop but went through a consolidation phase.
Future of ONDO Price
The price of ONDO has shown a slowdown in its decline, repeatedly testing the crucial $1.07 level. With the current price of the altcoin at $1.09, it is possible that the whales may achieve this target. Despite the movements of the whales, the efforts of individual investors have so far prevented a major drop, indicating that the consolidation phase for ONDO might continue. However, a potential drop below the $1.07 support level could lead to a sharper decline, possibly pushing the price below $1.
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