Should you consider OMG crypto for long-term investment?

3 min read | November 05, 2021 10:53 PM AEDT | By Manu Shankar

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Should you consider OMG crypto for long-term investment? — Image source: Wit Olszewski, Shutterstock

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Highlights

OMG is a Layer-2 scaling solution that is based on the Ethereum blockchain.

On Friday, it was showed a rally, mainly due to the news of the BOBA Token Airdrop announcement.

Airdrop is now supported by leading exchanges such as FTX, Huobi and Crypto.com, which would increase participants' participation.

According to CoinMarketCap, OMG was trading at US $18.56 with a 24-hour trading volume of US$4,56,89,21,347. At the time of writing (BST 10:30 am), OMG was up by 19.04% in the last 24 hours. OMG crypto saw an impressive volume spike as well, which was hovering well over by 154%.

OMG Network (OMG) has shown a decent rally in the past seven days. OMG is a Layer-2 scaling solution that is based on the Ethereum blockchain. One of the reasons for this rally is following Ether's update, which has given it the impetus for the high. The cryptocurrency has been on a bullish run and has registered gains of 34.82% in the past week.

On Friday, it was rising again, mainly due to the news of the BOBA Token Airdrop announcement. Airdrop is now supported by leading exchanges such as FTX, Huobi and Crypto.com, which would increase investors' participation.

The Airdrop is expected to take place on 19 November, and it should allow the users to claim the BOBA tokens. It will only be eligible for users who hold OMG. As an Ethereum scaling solution, OMG Network allows users to transfer ETH and ERC20 tokens faster and at a lower transaction cost.

What makes OMG unique?

Founded by Thai-born Vansa Chatikavanij, it operates as a subsidiary of SYNQA. Built as an OMG network project, it allows Ethereum to project as more attractive to businesses while cutting down on their carbon footprint.

Also read: When is the right time to invest in DAR token?

By providing a plasma-based side-chain solution, OMG reduces its electricity dependency usage by up to 99% compared to Ethereum. The platform started with US$25 million, which it had obtained through a funding round during its 2017 initial coin offering (ICO).

Also read: How high can IoTEX (IOTX) crypto go after its recent rally

Why OMG a good investment

OMG token is ranked 66 on CoinMarketCap. According to CoinMarketCap, OMG was trading at US $18.56 with a 24-hour trading volume of US$4,56,89,21,347. At the time of writing (BST 10:30 am), OMG was up by 19.04% in the last 24 hours. OMG crypto saw an impressive volume spike as well, which was hovering well over by 154%. It has a live market cap of US $2,60,29,05,932 with a circulating 14,02,45,399 OMG coins.

OMG has had a good year so far when it went to a high of US$25.62 in January. OMG Network is pretty robust about its plans and looks to be a promising investment worthy token if one invests in it for a long term. Experts predict that in the next five years, it could see gains by +138.01%, and it could see its prices going well over US$250 by2026.

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