ONDO’s valuation is built on air. Less than half the supply is circulating; the massive amount left over is just a pile of ticking time bombs waiting to be unlocked. What good is a high market-cap ranking? That price is propped up by paper tokens that aren’t even in circulation. The bids on the order book may look hefty, but they’re just a cushion for whales to unload into. When the unlocks finally hit, this much depth won’t even make a splash. The day the supply doubles is the day the price gets repriced.