NEO price bleeds as Ontology [ONT] prospers


NEO had a good run as of late before the latest Bitcoin drop slowed it down. It has managed to rise from $27 USD – where it was at the turn of the month – to impressive monthly high of $42,63 USD (reached on July 5th). It has fallen back to $36 USD and went up again to $41 USD, before starting a slow bleed which ultimately culminated with the bigger correction that we saw yesterday. This correction wasn’t as strong as the ones that most other top altcoins experienced, as NEO dropped from $38,29 USD to $33,86. The coin is currently traded at $34.46 USD which is a drop of 8.12% during the last 24 hours. It currently has a market cap of $2,178,650,500 USD, making it the 12th most valuable cryptocurrency in the world.

Analysts see this as a good buy zone for NEO, as currencies with solid fundamentals tend to bounce off of similar downtrends in a strong manner. NEO is certainly one such coin, as it represents a Chinese government-backed Ethereum competitor on the battlefield of smart contract-focused platforms. One of NEO’s major victories is Ontology, a self-described “next-generation multi-chained public chain infrastructure platform” that is currently the world’s 24th most valuable cryptocurrency. This isn’t where the good news stop for NEO, as Ontology has just entered the second stage of its NEO based airdrop.

The airdrop will include NEO holders receiving 10 million ONT tokens (worth $37 million USD at the moment of writing), as per NEO blockchain snapshot that was taken on March 1st. This airdrop will be the second part of the 20 million ONT token airdrop that was organized by the NEO Council. Like the first airdrop, this one will again dispense 0.1 ONT per NEO to holders. The airdrop was officially completed on Monday, July 9th, with various sources confirming its success.

Directly after the airdrop, Ontology began its long-awaited token migration onto a native mainnet (that went live on July 1st). The platform will join projects like Tron and EOS who also recently launched their own mainnets and completed their transitions from the ERC 20 standard to their own respective blockchains. Ontology started its life as NEO-based NEP-5 token but is now looking to become independent.

This bodes well for NEO, as Ontology succeeding as an independent platform confirms the validity of its roots. If the future events remain as positive as the current ones, both of these currencies could be looking for a solid price break-out.

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