What Causes Ondo Finance to Blow Down?

<p>&nbsp;"It feels like it's going down a little, right? Maybe later the price will go up."</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p>