Flux Protocol and Ondo DAO’s governance token ONDO set a new all-time high (ATH) earlier today, according to data by CoinGecko.
In the morning GMT, ONDO rose to a record price of $0.9934, before before pulling back 11% to its current level of $0.8679.
ONDO is currently the 95th biggest cryptocurrency in the world with a market capitalization of over $1.2 billion. On its website, the protocol touts itself as “a new paradigm for securities tokenization”.
Now that right there may be obvious marketing speak, but it hasn’t stopped investors from flocking to ONDO after a crucial bit of crypto adoption news last week.
ONDO Rallies On BlackRock Tokenization News
Keen-eyed watchers first noticed ONDO’s price began to increase in the middle of last week on news that BlackRock, the worlds largest asset manager with over $9 trillion in assets-under-management (AUM) launched a tokenized fund on Ethereum with an asset tokenization platform called Securitize.
BlackRock simultaneously announced that it had strategically invested in the tokenization platform but did not disclose details of the deal.
What does this all have to do with ONDO?
After all, we know BlackRock has been bullish on crypto for a while. The fact that the asset manager’s newly launched Bitcoin ETF is the number one regulated Bitcoin investment product in the world right now since its launch in January proves that the company is bullish.
Tokenization clearly represents BlackRock’s next move in blockchain. It’s hardly surprising, considering Citi and JP Morgan have trialed the technology too recently.
Beyond these two, other titans of TradFi have taken their own first steps in security tokenization, including France’s third largest bank, Société Générale, Standard Chartered, and asset managers Franklin Templeton, and South Korean’s Mirae.
ONDO Price Prediction: New ATH Incoming?
Over on ONDO’s trading chart, we can see that the token is trading noticeably below its 30-day moving average as it relative strength index (RSI) heads down to 30.
Taken together, the two signs indicate a lot of recent selling pressure in the last few hours.
Source: TradingView
Altogether, even if ONDO continues shedding value, it’s very likely the token can find short-term support at $0.80, a range the token sustained through last week’s volatility. If Bitcoin continues to rally, which is likely given the upcoming halving on April 19 will cut the new supply in half, then ONDO could foreseeably post a new ATH in the near future.
Soak Up ONDO’s Slipperiness With SPONGE
Given ONDO’s recent volatility, investors may want to look into small-cap altcoins that are still in the midst of a presale. After all, the earlier, the better in a bet like crypto.
One promising new speculation is the meme coin SPONGE. When it launched in May 2023, SPONGE was priced at $0.000025. In less than a year, it has hit around $0.002147, or 8,500% higher!
In addition to reinvigorating the meme coin landscape, it’s also the native token for a promising new ecosystem.
SPONGE is an ERC-2o standard token created on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution. SPONGE currently sells for $0.002918 in an ongoing pre-sale.
Although the migration has been in the pipeline since January, a recent liquidity pool attack expedited it.
Move over $PEPE, #SpongeV2 is here to take over
Are you ready, #SPONGERS? $SPONGE #MemeCoin #Bullish #Alts pic.twitter.com/4GM80TrNuY
— $SPONGE (@spongeoneth) March 25, 2024
SPONGE’s V2 upgrade introduced a couple of key improvements, the foremost of which is a new staking model that offers a minimum yield of 40% APY.
This rate yield varies according to the number of stakers and tokens locked up and currently sits at around 392%.
After the team lists the token on CEXs, it will launch a play-to-earn blockchain game, where players commit SPONGE to race Spongebob and friends around Bikini Bottom for SPONGE rewards.
With its dual revenue staking/gaming model, SPONGE is looking to seriously disrupt low-utility larger market cap rivals, like PEPE, DOGE and WIF.
Be an early supporter and Buy And Stake SPONGE On The Website
The post Is It Too Late to Buy Ondo? ONDO Price Hits Record High as SpongeV2 Eyes Major Exchange Listings appeared first on Cryptonews.