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Highlights
- On Friday, the OMG Network (OMG) witnessed a flash crash of sorts after it tanked by approximately 33%.
- The price dropped from a high of US$19.12 to US$12.84.
- Boba is a Layer-2 solution, which will help scale Ethereum smart contracts built by Enya.
The OMG Network (OMG) witnessed a flash crash of sorts on Friday after it tanked by approximately 33% immediately after the completion of an airdrop from the Boba Network. The incident can be described as bizarre, but it led to price drop from a high of US$19.12 to US$12.74 at the time of writing (BST 1:30 pm).
OMG had witnessed a rally on 5 November after the BOBA Token Airdrop announced its presence on top 10 crypto exchanges, including Binance, FTX, Crypto.com, Bitfinex etc.
OMG Network tanks by 33% after BOBA airdrop completion
Most experts had expected OMG to reach to new highs, but things went opposite with the crash. The BOBA Network tweeted that the snapshot time has passed, and it’s only a matter of time until you get a taste of BOBA. It elaborated that the OMG holders will start receiving BOBA tokens from 10 November.
The BOBA Airdrop
Boba is a Layer-2 solution, which will help scale Ethereum smart contracts built by Enya, one of the main contributors. The OMG Network will allow the users to transfer ETH and ERC20 tokens faster and at a lower transaction cost.
Also read: Why is Hokkaido Inu (HOKK) crypto grabbing eyeballs?
On 20 September, Boba Network first announced the Airdrop. That time OMG crypto’s price was US$9.50. The main idea was to create awareness of Boba Network launching its mainnet. Since then, its price has rocketed in a short period, and it touched US$19.12 on 5 November. The rally had many market experts predicting newer highs for the OMG network and with the potential to go beyond its all-time-high of US$25.62.
Also read: Will Unido EP (UDO) crypto’s rally last for a while?
OMG’s performance
According to CoinMarketCap, OMG was trading at US$12.74 with a 24-hour trading volume of US $6,960,573,840. At the time of writing, its volume tanked by 25.04% and had a live market cap of US$1,787,107,629 with a circulating 140,245,398 OMG coins.
Next few weeks will be crucial for OMG and its investors. OMG Network has received a significant bump considering it was doing well in the market. With investors getting cold feet, it would be best to adopt a wait-and-watch approach before investing further. Investors and promoters would be keeping their fingers crossed that 19 November will once again kickstart a rally for OMG.
