Ontology (ONT) the latest airdropped NEO-based token, has been improving in the past days and is about to reach its peak in Bitcoin-denominated prices. The token, released about a week ago, is savoring active trading after an incentive program on Binance.
ONT is displaying a robust pickup in volumes, while other coins seem to lag behind. The token appreciated to $2.43, adding more than 43% since yesterday’s levels. The price is picking up even days after the Binance competition.
The appearance of a fast-growing coin is not a new thing in the crypto markets. This time, ONT is filling in the script with its price growth last week. Since the coin is going through a price-discovery stage and has high expectations to become one of the leading platforms akin to NEO, the price may reach an entirely different level eventually. It is also likely that ONT settles lower, and buying into the recent trend remains hazardous.
There is another minor risk surrounding Ontology, a still-active NEON wallet feature that may mislead users into trying to buy ONT tokens. There was no crowd sale for ONT, it was merely airdropped for NEO holders.
In the months and years to come, Ontology will have to prove its value as a part of the NEO ecosystem, together with other projects built on the network. However, the biggest appeal remains the upcoming dual-coin structure, where ONT coins will bring about ONG tokens.
Others remain skeptical of the ONT price in dollars, as the asset is only going through its price discovery via Bitcoin. In the end, the ONT price is fickle and heavily tied to the performance of BTC.
NEO Tries to Defend Price
Despite the success of Ontology, the NEO platform is noticing an abating wave of enthusiasm. The asset is down more than 24% in the past week, to $57.94. GAS has slid further to $18.97.
Other platform coins are not any better. Waltonchain (WTC) continued to decipher the dwindling volumes, down to $13.37.
The QTUM price follows a similar trend, although with a pickup in prices and volumes last week caused by a newly ended Binance trading competition. QTUM slid more than 23% since last Wednesday, down to $15.87.
At present, the only Chinese project booming appears to be TRON (TRX), growing on mentions of a potential Alibaba connection, or the potential for a partnership coming in the future.