• ONDO holders have realized over $120 million in gains in the past 30 days by shedding their tokens. 
  • On-chain data shows two whales deposited ONDO to Bybit following the token’s recent exchange listing on Upbit. 
  • ONDO extended its rally by 6% on Friday, adding nearly 76% to its value in the past 30 days. 

ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days. 

ONDO whales take profits, token sustains recent gains

Data from on-chain intelligence tracker Spotonchain shows that two large wallet investors deposited 2.95 million ONDO (worth $3.86 million at the time) to an exchange platform Bybit on Friday, June 14. The whales made the move after the governance token’s listing on the exchange Upbit, a catalyst likely driving gains in the asset. 

Another catalyst driving ONDO’s recent gains is the increasing relevance of the Real World Asset (RWA) tokenization narrative among market participants. 

The first large wallet investor netted an estimated return of 42% on 1.95 million ONDO tokens, while the second sold 1 million ONDO at 45% gains. 

Santiment data shows large spikes in the Network Realized Profit/Loss (NPL) metric in May and June, indicating that ONDO holders on average opted to sell their bags at a significant profit. Specifically, the NPL shows that traders took more than $120 million in profits in the past 30 days. 

This represents a large volume of profit taking around the local peak of $1.452 on June 4, as seen in the chart below. 

Despite mass profit taking ONDO has sustained its recent gains and extended the rally on Friday. The token trades at around $1.2800 at the time of writing, up more than 6% on the day, although it gained as much as 18% earlier in the session. 


Network realized profit/loss vs. price (ONDO)

In the same time frame, there has also been an increase in ONDO’s social dominance, a metric that identifies the share of the asset in crypto mentions on platforms like X and Reddit. ONDO’s social dominance has climbed from 0.029% to 0.428% in the past 30 days, as seen on Santiment. 

The growth in social dominance may support a bullish thesis for ONDO, traders should remain cautious as there is no direct correlation between social dominance and asset prices. 


ONDO social dominance vs. price 

While large-wallet investors are selling and taking profits, there is an exception. Holders with 10 million to 100 million ONDO in their wallets increased their holdings by 14% in the past 30 days coinciding with the price rally

Whale accumulation by the segment that holds a large volume of ONDO, alongside growing social dominance and exchange listing are the market movers influencing the asset’s price on Friday. 

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