• ONDO added 7% to its value on Saturday amidst rising mentions on social media from market participants. 
  • The DeFi token’s exchange supply hit its lowest level in 2024. 
  • On Friday, a whale withdrew nearly $6 million in Ether to buy ONDO, ahead of the rally.  

ONDO, a DeFi token added 7% to its value on Saturday as the asset featured in higher number of discussions on social media platforms. Crypto intelligence tracker Santiment tracks the metric social dominance and helps identify the assets that are gaining traction among traders. 

A large wallet investor withdrew Ethereum and bought ONDO on Friday, ahead of the DeFi token’s price gains. 

ONDO price rallies amidst dwindling exchange supply

ONDO gains relevance among traders as more participants seek risk-isolated, fixed yield loans backed by yield-generating cryptocurrencies. The social dominance of the DeFi token surged to its 2024 peak on Saturday, as seen on crypto intelligence tracker Santiment. 

ONDO

ONDO social dominance

Another key on-chain metric, supply on exchanges shows that ONDO supply is at its lowest level in 2024. Exchange supply helps identify the selling pressure on the asset, higher the exchange supply, higher the likelihood of tokens being sold for profits. This negatively influences prices. 

ONDO supply on exchanges has consistently declined in 2024. 

ONDO

ONDO supply on exchanges 

Data from crypto intelligence tracker Lookonchain shows that a whale withdrew nearly $6 million in Ether from an exchange and used it to buy ONDO, on Friday. The whale was likely preparing for the ONDO price rally. 

At the time of writing, ONDO is trading at $1.016, as seen on Binance, up 7% on the day. 

(This story was corrected on May 20 at 05:00 GMT to say, in the headline, that social dominance rises instead of social rises.)


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP