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Why Ontology Gas (ONG) Surged 140%; Internet Computer, Dogelon Mars, Nano Jump Amid Crypto Market Rebound

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The cryptomarket is presently on a rebound after the prior day’s blood bath wiped out millions in liquidation. Bitcoin (BTC) rose to highs of $42,605 on May 20 as Altcoins joined the lead crypto asset in its record-smashing recovery.

Ethereum oversaw the Altcoin gang rebound, recovering from the prior day’s low of $1,900 to reach today’s high of $2,999 at the time of writing, selected tokens such as Cardano (ADA,+16.73%), Dogecoin (+13.69%), Internet Computer (ICP,+29.69%), Filecoin (FIL,+27.52%), Monero (+18.59%), Waves (+19.30%), Solana (+18.74%), Dogelon Mars (ELON,53.76%), Nano (+ 30.15%) were seen posting impressive returns in the last 24 hours.

Dogecoin rose once again thanks to Twitter activity from Tesla CEO Elon Musk, who on Thursday tweeted ”How much is that Doge in the window?”. Another related token, Dogelon Mars also benefited from the social activity of the Tesla CEO rising from lows of $0.00000023 to intraday highs of $0.00000045.

Though the market seems to be edging higher, it is notable to state that it remains below pre-crash levels which may cause the rebound to come under strain. In this regard, some analysts are sounding what seems like a warning, stating that Bitcoin’s recent rebound may be a ”dead cat bounce”. A dead cat bounce represents a temporary positive market sentiment during a dominant bearish trend and is usually followed by a dip further down.

Bitcoin, for now, trades nearly 50% down from its all-time high of $64,899 after plunging as low as $30,000 to mark the biggest decline in BTC price since March 2020. The reaction on where Bitcoin trends next remain mixed as some analysts are calling for the bottom at $30,000 while others maintain that Bitcoin demonstrating a weak bounce from its current lows may pose more downside risks.

Why Ontology Gas (ONG) Surged 140%

Ontology is an open-source blockchain focused on providing a platform for digital identity, trust, and data privacy. The Ontology blockchain uses a dual-token system: In addition to primary token ONT, a second token termed Ontology Gas (ONG) serves as ‘gas’ for transactions.

Ontology Gas (ONG) is the utility token on the Ontology network. ONG is mainly used for on-chain services like doing transactions or paying for the deployment of smart contracts. ONG is also released or ‘unbound’ to holders of ONT based on holding ratios to incentivize ONT staking. For beginners’ sake, staking refers to the process of delegating tokens to a node. Putting it simply, in this case, it’s a process where ONT tokens are locked to earn ONG rewards.

On May 20, the Ontology network announced huge staking rewards, over 40% APY for locking ONT tokens. This subsequently pushed Ontology Gas (ONG) on May 20 from lows of $0.47 to highs of $1.13, rallying nearly 140%.
ONG was trading at $1.06 as of press time.

Image Credit: Shutterstock

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