@OndoFinance’s tokenization run isn’t one pop, it’s arriving in waves, one per product that ships, and the second just printed a higher high than the first. 📈 ONDO’s price traced it twice: ~$0.31 to ~$0.38 into Jul 16 on the DTCC and SBI launches, a pullback to ~$0.34, then a break to ~$0.40 on Jul 21 as tokenized stocks (SPYon, QQQon) went live as perp collateral. 🆕 New addresses did the same: a Jul 16 peak of 754, a fade to the low 400s, then a matching 774 on Jul 21. 📊 Activity went further. Active addresses topped out at 2,589 on the first wave, faded, then hit 3,300 on Jul 21, a fresh high for the series. 🧭 That is the tell worth watching: this isn’t one catalyst fading, it is a second, larger on-chain wave on a new product. Whether Jul 21 holds into a trend is the open question, but two waves in a week, each bigger, is not how empty pops behave. The first wave was the launch. The second is the product finding users. (researched with Santiment MCP + Claude)