Does this wave of upward movement have sustained momentum?

I personally think the fundamentals haven't actually changed.
The rally is mainly due to recent market positive news.
1. Mainstream platform listing: $ONDO being launched on retail-friendly platforms like Robinhood significantly improves liquidity and lowers the entry barrier for retail investors.
2. Ecosystem partnership expansion: Collaborations with platforms like Trust Wallet further expand the use cases for its tokenized assets and user base.
3. Product innovation: The launch of new products like Ondo Global Market, and the growth of its flagship product USDY (a government bond collateralized stablecoin), provide solid fundamental support.
The project is a good project, but the token currently has little practical use.
Current situation: Currently, $ONDO mainly serves as a "governance shell," without institutionalized buyback or burn mechanisms. The protocol’s generated revenue (such as management fees) is not directly distributed to token holders nor used for token burning.
The current price increase of $ONDO relies more on the narrative premium of the RWA track and market expectations of its future "value capture" transformation.
Overall, since the fundamentals haven't changed, there’s no upward potential in the long term; just look for opportunities to short at low leverage.
$ONDO