Ontology (ONT) Plans Airdrop, Trading Competition as Prices Threaten to Crash

Ontology (ONT) has scheduled an airdrop and a trading competition to mark its listing on the Liquid exchange.

https://twitter.com/mwill_crypto/status/1055770355917148162

Traders saw the airdrop and the campaign as an opportunity for ONT to break out of the long sideways drift under $2. Once among the hot altcoins, ONT now needs to chart a new path or face the risk of its value being undermined further.

While the trading competition is still in its initial stages, the asset remains at $1.74, with only a small price movement in the past day. ONT volumes have thinned out to the equivalent of around $20 million in 24 hours compared to peaks of above $100 million daily during the most active times.

About 42% of ONT volumes are currently concentrated on Binance, and the ONT/USDT pair makes up half of them. This is a curious situation given that Tethers are being withdrawn from circulation. However, Binance still holds a vast amount of USDT, potentially supporting some of the altcoins. If the USDT market fails, ONT will be mostly traded against Bitcoin (BTC).

Ontology finished its mainnet token swap on October 1, and since then, the price has been in a sideways drift. ONT holders have been receiving ONG rewards for months now, but this has not helped the case for the coin.

ONG has been charting its own path as a derivative asset, mostly concentrated on UpBit in trading against the Korean won. It currently stands at around $0.88 after spiking above $4 at the end of September in a short-lived pump. Much like other coins, ONG has been stagnant for weeks and is being regularly sold to monetize the reward of the coins.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.