What Happened: As crypto markets seemed to get back on the road to recovery, the Ontology network’s native utility token surged 281% in the past 24-hours.
The price of the Ontology Gas token or ONG rose from a low of $0.833 to a daily high of $3.19, according to data from CoinMarketCap.
At press time, ONG had consolidated around$1.68, and trading volume was up by over 500% overnight.
Ontology is an open-source blockchain specializing in digital identity and data and functions with a dual token system – ONT and ONG.
Why It Matters: While ONT is the network's “primary token,” ONG is used for on-chain services like transactions or paying for the deployment of smart contracts.
ONG tokens are also released to ONT token holders in amounts relative to their holding ratio to encourage ONT staking.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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