Ondo Finance, a platform focused on tokenizing real-world assets (RWA) and supported by Pantera Capital, experienced a surge in the value of its Ondo Finance (ONDO) token.

The token surged by nearly 20%, reaching an all-time high of $1.15 on May 24, 2024. This significant milestone was likely fueled by Coinbase's decision to include ONDO in its perpetual market.

Performance and Outlook

Data from DefiLlama indicates that the rise in the ONDO token's value over the past 24 hours has propelled its market capitalization to over $1.6 billion. Additionally, on May 21, Ondo Finance reached its peak total value locked (TVL) of $453 million, marking its highest level to date.

Data from IntoTheBlock also reveals a 52.3% increase in large transaction volumes for ONDO, with all holders currently in a profitable position. The concentration of large holders stands at a significant 92%, with approximately 63% of investors holding onto their tokens for periods ranging from one to twelve months.

Since mid-March, the price of ONDO has fluctuated between $0.97 and $0.69 before breaking out recently. A 10% rally concluded the consolidation phase, propelling ONDO to an initial record high of $1.05. Currently in a price discovery phase, investors anticipate the bullish momentum to persist, driving its value upwards. At present, ONDO is trading around the all-time high price of $1.15, with a TVL of $445 million.

Catalysts and Market Sentiment

The rally coincided with the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum exchange-traded funds (ETFs). Despite the controversial impact of this decision on the broader market, ONDO emerged as one of the top performers on a daily basis.

Since its launch earlier this year, ONDO has experienced robust demand, rallying over 1,300% from its all-time low.

Another significant catalyst for the surge in ONDO's price could be attributed to Coinbase's addition of the asset to its perpetual market. Trading for ONDO-PERP, PYTH-PERP, and ZETA-PERP has commenced on the perpetual markets, according to the announcement.

Following the announcement, numerous market traders have issued bullish forecasts for ONDO. One trader highlighted ONDO as a potent "ETH beta" set for significant attention in the near future.

Furthermore, there is anticipation of an impending surge in the "real-world-asset narrative," with ONDO's impressive performance closely trailing leading Layer 1 platforms and meme tokens this week. Additionally, a crypto trader suggested that investing in ONDO presents a viable alternative for those unable to acquire securitized tokens, deeming it the next best option.