- 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.
 [12.11.07, 18 May, 2024]-638516116173895560.png)
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.
 [12.13.54, 18 May, 2024]-638516116490031210.png)
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.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH($5.7M) from #Gemini.
— Lookonchain (@lookonchain) May 17, 2024
Then he spent the 1,870 $ETH($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't?https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
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
Editors’ Picks
President Trump's memecoin leads crypto unlock with incoming supply pressure of over $320 million
Official Trump, launched by President Trump, will unlock over $320 million worth of its tokens to team members next week despite the dominant risk-off sentiment across the crypto market.
Bitcoin and crypto market sees recovery as Fed official says agency ready to stabilize market if necessary
Bitcoin rallied 5% on Friday, trading just below $84,000 following Susan Collins, head of the Boston Federal Reserve, hinting that the agency could stabilize markets with "various tools" if needed.
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin holding steady at $82,584, Ethereum at $1,569, and Ripple maintaining its position above $2.00.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Crypto traders are digesting US President Donald Trump’s Liberation Day announcements last week, the tariff truce declared on Wednesday and the worsening situation with China, as the industry wraps one of its worst weeks in terms of price swings.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.