Ondo Finance token climbs 5.6% in a sharp afternoon rebound

The Ondo Finance token climbs 5.6% to $0.470 by 3:40 p.m. ET Thursday, as two hours of steady buying erase a morning slide.

The quick take

Price: $0.470, +5.6% in 24 hours (CoinGecko, 3:40 p.m. ET).
Trigger: Buying hit between 10 a.m. and noon ET; Ondo Finance has posted no new announcement since Oct. 5.
Watch: Whether $ONDO stays near $0.46, where it traded for most of the afternoon.

What happened

Ondo Finance ($ONDO) had a strong Thursday. The Ondo Finance token climbs 5.6% in 24 hours to $0.470 as of 3:40 p.m. ET, according to CoinGecko.

Other trackers agree on the direction. LiveCoinWatch put the price at $0.466 with a 4.3% daily gain. CoinPaprika showed $0.470 and a 5.5% gain.

Why it moved

The move came fast. On Binance’s ONDO/USDT pair, the hourly close rose from $0.426 at 10 a.m. ET to $0.460 at noon ET. That is a jump of about 8% in two hours.

Before that, the token slid through the night and morning. Its hourly close fell from $0.447 at 3 p.m. ET Wednesday to $0.425 at 9 a.m. ET Thursday. CoinGecko lists a 24-hour low of $0.423.

The cause is not confirmed. Ondo Finance’s blog shows no new post since Oct. 5, when it introduced Ondo Private Markets. Large coins moved far less: Bitcoin ($BTC) rose 0.8% and Ether ($ETH) 0.9% in 24 hours, per LiveCoinWatch.

Who’s buying and selling

CoinGecko counted $252 million in 24-hour trading volume across all markets. That compares with a market value of $2.29 billion, which ranks $ONDO 47th. In one day, trading equal to about 11% of that value changed hands. The Binance ONDO/USDT pair alone handled $24.5 million.

Which wallets or funds drove the buying is unknown.