OmiseGo Network showed price action that suggested some interest in the asset. But the major price driver turned out to be the set date of the Boba Network snapshot. After that date, OMG immediately fell, wiping out nearly 20% within minutes.
OMG has been a relatively forgotten asset, which had its availability limited for US traders. The asset is now available on Coinbase, after some of the ownership fears were cleared, but trades with relatively low liquidity. The biggest interest in OMG comes from South Korean traders, with a significant part of the supply waiting for the airdrop on the Upbit exchange.
With limited and less liquid trading, OMG failed to move to three-digit prices, or line up among the leading side chain projects to sustain Ethereum usage. Now the release of the new Boba Network may start adding liquidity, competing with already established DeFi and NFT networks.
OMG crashed by more than 30% week on week, and 19% in the past day alone, sinking to $12.95, its usual range before the announcement of the upcoming airdrop. Trading volumes, however, increased to above $1.8B in the past day, accelerating as the initial selling may also encourage re-buying at a lower level. Read Full Story
- Boba Airdrop Not as Smooth as Expected
- Can OMG Recover its Price and Appeal
- Is the OMG Token Still Relevant
- BOBA Token Moves to Price Discovery