What Causes Ondo Finance to Blow Down?


 "It feels like it's going down a little, right? Maybe later the price will go up."

The price of the ONDO cryptocurrency founded by Ondo Finance which is a token securities issuer based in the United States (US) has experienced a short-term plunge after being suspected of selling 20 million of the digital asset.

Reportedly, the address 0x415…72298 received 50 million ONDO worth $10.97 million from the project's multi-signature address three days ago then 10 million ONDO was transferred to Gate and Kucoin and so far, the address still maintains a large holding of 118 million ONDO equal to $31.77 million.

After the price of ONDO dropped from $0.32 to $0.24, its trading volume reached more than $211 million in the last 24 hours, which is a 50.10% increase compared to the previous day, plus the global crypto market capitalization is now down $1.5 trillion.

Ondo Finance which announced the opening of its first office in the Asia Pacific (APAC) region will have a large market share of almost 40% in the global token securities market offering three token products namely OUSG, OMMF and USDY.

Recently, Ondo Finance also issued new tokens and unlocking 14.2% of its original ONDO, so here it can be seen that the platform's token products have a collective valuation of more than $200 million including OUSG so it is the most valuable.

According to Nathan Allman, founder and Chief Executive Officer (CEO) of Ondo Finance, there is significant appreciation for the high-quality exposure to US assets offered by ONDO tokens.

Ondo Finance has signed an agreement with Mantle Network to launch a USDY tokenized note backed by the US Treasury and bank deposits including expanding its presence by issuing USDY on the Solana chain (SOL) in December 2023.

As of this writing, ORDO price has plunged by 6.94% to $0.23 in the last 24 hours with a market capitalization of $326 million but still recorded a 46.33% surge over the last week.