Prominent crypto analyst Tanaka announced on X (formerly Twitter) that he has sold all his Litecoin (LTC) holdings and moved entirely into Ondo Finance's ONDO token. He emphasized this was a deliberate, research-driven decision, not a panic buy or FOMO move.
The core of Tanaka's thesis is a stark disconnect between Ondo's fundamental growth and its token price. Ondo Finance's Total Value Locked (TVL) has surged to approximately $2.9 billion, marking a new all-time high. Meanwhile, the ONDO token's market capitalization sits around $1.3 billion, resulting in an unusually low Market Cap/TVL ratio of roughly 0.45. Analysts interpret this ratio as a sign the market is undervaluing the project relative to its adoption.
Ondo's dominance in the Real-World Asset (RWA) sector is a key growth driver. The protocol has become a leader in tokenized stocks, with over $700 million locked in that segment, and dominates tokenized treasuries with about $2 billion in TVL. Activity is exploding: tokenized equities on the platform have seen between $7 billion and $13 billion in trading volume in less than six months. One crypto account, Altcoin Buzz, claims ONDO now controls around 70% of the tokenized equity market.
Revenue figures add another layer of strength. Ondo generated approximately $15.2 million in revenue in just the first two months of 2026, annualizing to nearly $49 million. For a project with a $1.3 billion market cap, this indicates a solid, revenue-generating business is being built.
Despite these fundamentals, the ONDO price remains depressed, trading around $0.27 at the time of reporting. This is down more than 80% from its all-time high of approximately $2.14. Tanaka attributes the lagging price to impatient early investors selling at a loss rather than project weakness.
Technical analysis also suggests a potential shift. Chart analyst ZAYKCharts highlighted a breakout above a multi-month descending channel on the daily timeframe, anticipating a bullish wave. Several analysts have set price targets ranging from $2.10 to $3.40, representing a potential 7x to 12x increase from current levels.
The project's institutional credibility received a major boost from a partnership with Franklin Templeton. The collaboration aims to offer tokenized versions of selected Franklin ETFs, providing 24/7 trading access via crypto wallets and bridging traditional finance with decentralized infrastructure. This move solidifies Ondo's position at the forefront of institutional tokenization efforts.
