No Comments
Panic has gripped the OMNI token project amid jaw-dropping price drops and fake crypto copycat scams. Let’s dig into the OMNI price analysis and unpack what’s going on.
Hours after launching on leading exchanges, including Binance – the world’s largest by trading volume and user count – OMNI, the native token of the Omni Network, crashed by as much as -55%.
The dump, other analysts note, came amid a separate scam involving a fake OMNI token.
OMNI Price Analysis: OMNI Token Dumps 48 Hours After Airdrop
On April 17, the Omni Network distributed 3 million OMNI, or 3% of its total supply of 100 million, to its community.
The Omni Network wants to create a platform that fixes the fragmentation in the Ethereum layer-2 scene. They plan to link all Ethereum rollups, such as Arbitrum, Optimism, etc.
This airdrop coincided with its listing on major exchanges like Binance and Gate.io.
Unfortunately, hopes of a sharp rally were dashed as OMNI prices plummeted by over 50%, crashing from $46 to around $24 when writing.
(OMNIUSDT)
Supporters expect the token to moon on listing following the success of re-staking platforms like EigenLayer and other variants.
Though prices have stabilized at press time, the high trading volume of around $800 million suggests interest, though sellers have the upper hand.
At the current price level, OMNI token has a market cap of $256 million and is the 231st most valuable network.
Here’s What Happening With OMNI Token
Analysts believe the broader crypto market downturn, fueled by geopolitical tensions, is why the token tanked.
If the current market conditions persist, the freshly airdropped token may extend losses in the coming days.
Bitcoin is down double digits in the last trading week and under immense selling pressure at press time – in typical pre-halving dip fashion.
Even with the coin Halving in less than 48 hours, some believe it might slide below $60,000, dampening hopes of a welcomed rally above $74,000.
Considering the positive correlation between Bitcoin and altcoins, it is likely that any drop in BTC prices will trigger a price dump across the board.
OMNI Holders Panicked By Fake Token Scam
Adding to the chaos, a fake token using the same ticker was deployed, taking advantage of the excitement to steal the investment capital of unexpecting retail traders. Leading to the fake token being “rug-pulled.”
The token deployer ended up stealing roughly $400,000 from this scam – in a significant heist.
Investors also held worthless tokens as the fake OMNI token plunged by 99.99%, leaving victims of the fake crypto token penniless, and stoking wider anxiety in the CEX market at large.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
