The ONG digital asset, paying out rewards from the Ontology (ONT) ecosystem, saw a dramatic spike in prices, growing as much as 300% within hours on September 28. ONG had added 496% in the past day, to trade at $3.67 on its only market so far, Bit-Z. However, ONG is going through a promotional trading period on the Hotbitio exchange, also possibly affecting the price:
The price of ONG achieved its phenomenal climb, becoming the biggest gainer of all crypto assets in the past 24 hours. In the meantime, the chief ONT asset rose by about 10% overnight, rising to $2.02, in a price anomaly where ONG is more expensive.
However, one of the reasons for the spike in ONG is the low volumes, which would allow the sudden appreciation. The climb in ONG started at 3:30 UTC on September 28, reaching peak prices in about 40 minutes. From this position, the price changed within minutes, becoming volatile and crashing to about $2.11 as of 5:30 UTC, shrinking the gains to about 230%. The price movement suggests that ONG just went through a fast-paced pump.
One bit of bullish news for Ontology is the launch of the ONTO wallet on the iOS store.
The wallet will replace the current enterprise version. Users of Ontology are urged to back up the private seeds on their wallets before moving to the new versions. The Ontology token swap will be completed this October 1, with just a few days left for users to swap their NEP-5 tokens.
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