OMG price crashes by one third after BOBA airdrop snapshot

OMG price crashes by one third after BOBA airdrop snapshot



The price of OMG Network (OMG) has plunged 33% from a daily high of $19.35 down to around $13 immediately after completion of the snapshot for an airdrop from the Boba Network.

The snapshot of all wallets holding OMG tokens on the Ethereum network and the layer-two Boba Network took place at 12am UTC on Friday. OMG holders at the time of the snapshot will receive BOBA, the governance token for BobaDAO on Nov. 19.

Boba is an Optimistic Rollup layer-two solution that helps to scale Ethereum smart contracts, built by the Enya team as core contributors to the OMG Foundation. BOBA token holders will be eligible to submit and vote on proposals for Boba DAO.

Boba Network tweeted at 12:04am UTC that the snapshot occurred at Ethereum block 13597967, and on Boba Network block 15354.

bybit

Around ten minutes later the 100eyes Crypto Scanner account tweeted a “Bizarre activity alert” on the dramatic price plunge which may have been caused by OMG holders trying to get ahead of “sell the news” price action.

Boba Network announced the airdrop on Sep. 20, when OMG was at about $9.50. The airdrop was part of a larger campaign to promote awareness of Boba Network launching its mainnet.

Related: Early Ethereum Name Service (ENS) adopters rewarded with a hefty five-figure airdrop

Since then, OMG has seen two significant price spikes between Sep. 29 and Oct. 5 to $16.76, and again more recently on Nov. 5 to a nearly four-year high of $19.35. Analysts had anticipated higher price potential on OMG since the Boba announcement due to the high amount of interest in the airdrop.

Top-10 crypto exchanges including Binance, Crypto.com, Huobi, Gate.io, Bitfinex, Binance.US, and FTX are supporting the BOBA airdrop for its users.

OMG price has been on a slow upward grind since July 21 of this year when price bottomed out at a four-year low of $3.21, according to Coingecko.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Crypto-Moon
Blockonomics
Crypto-Moon
OMG price crashes by one third after BOBA airdrop snapshot
bybit
Blockonomics
5 Countries Where Crypto Is Tax-Free in 2025 (And Still Legal)
3 Bonk Ecosystem Meme Coins to Watch This Week
Is XRP price going to crash again?
Bitcoin Test Support As BNB, SOL, LINK, AAVE Prep For Higher
DeFi Development Corp. Stock Rallied After Recent Announcements
SOL Sells-off As Traders Target $124
Bybit
Blockfi
TON’s Golden Visa Flop Sends Warning To Crypto
Analysts believe XRP and RXS could lead the way in the next bullrun
Whales Increase Holdings by 12% Despite Market Downturn
Bit Digital Goes All-in on Ethereum, Converts Bitcoin and Equity Proceeds Into ETH Holdings
What Are Coin Mixers and How Do They Work?
TON’s Golden Visa Flop Sends Warning To Crypto
Analysts believe XRP and RXS could lead the way in the next bullrun
Whales Increase Holdings by 12% Despite Market Downturn
Bit Digital Goes All-in on Ethereum, Converts Bitcoin and Equity Proceeds Into ETH Holdings