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.
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.
— 100eyes Crypto Scanner (@100eyesCrypto) November 12, 2021
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.
Closely followed trader and analyst Michaël van de Poppe is unveiling his bull market target for Litecoin (LTC) while mapping out potential plays for two low-cap altcoins.
In a new strategy session, Van de Poppe tells his 142,000 YouTube subscribers that peer-to-peer payments network Litecoin can potentially ignite a 286% rally before the current market cycle comes to a close.
“When we’re getting expansion happening in the next bull cycle of Litecoin, we could be seeing the Fibonacci extension taking place here once again.
And then the 1.618 [level] is $600, and the second one will probably chase toward $1,000. So yes, I’m very bullish on those older altcoins, especially given the structure that they are giving us.”
At time of writing, Litecoin is trading at $260.
Van de Poppe is also looking at OMG Network (OMG), an enterprise solution for secure and fast transfers on Ethereum. According to the crypto strategist, OMG Network can launch a 108% rally against Bitcoin (OMG/BTC) as long as it holds support at 0.00024 BTC ($16.10).
He tells his 477,900 Twitter followers,
“Crucial support is the green zone, that should hold. If that holds, we might see continuation towards the upper level in the red zone (1.618 Fibonacci extension).”
Source: Van de Poppe/Twitter
Another coin on the trader’s radar is hybrid blockchain platform ICON (ICX).
Van de Poppe says ICON is gearing up for a 65% rally against Bitcoin (ICX/BTC) as the pair looks ready to surge to its immediate resistance at 0.000053 BTC ($3.55).
“Well, I mean, interesting for ICX.”
Source: Van de Poppe/Twitter
At time of writing, OMG is priced at $16.14, and ICON is trading for $2.13.
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Featured Image: Shutterstock/solarseven/pikepicture/Vladimir Sazonov
Four emerging altcoins are on a tear after surging 101% or more within one week as Bitcoin (BTC) and the crypto markets ignite.
One of the high-flying coins as of late is meme cryptocurrency and Dogecoin (DOGE) competitor Shiba Inu (SHIB).
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The altcoin skyrocketed from a low of $0.000006 to a high of $0.00002, marking gains of over 233% in just seven days.
Even after a big rally, SHIB has yet to reclaim its all-time high of $0.000037.
Another top-performing altcoin this week is Spell Token (SPELL), the governance and utility asset of decentralized finance protocol Abracadabra Money.
The crypto asset soared from a seven-day low of $0.0032 to a new all-time high of $0.0089 at time of writing, according to CoinGecko. The move represents gains of over 178% in just one week.
Next up is Secret (SCRT), the native asset of privacy-focused smart contract platform Secret Network. CoinGecko shows that SCRT rallied over 125% from a seven-day low of $1.81 to a high of $4.11.
The coin has given up some of its gains since and is trading at $3.48 at time of writing.
The fourth altcoin on the up and up is OMG Network (OMG), a layer-2 scaling solution for Ethereum (ETH). The emerging altcoin rose from a low of $8.95 to a high of $17.88 to mark gains of 101% in just one week.
Although OMG has more than doubled its value in a week, it is still down from its all-time high of $25.62 in January of 2018. OMG is currently trading at $14.81, according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
In September the frenzy that propelled the nonfungible token (NFT) sector quieted down but a burst of fresh energy emerged as the layer-two sector heated after the successful launch of Ethereum (ETH) scaling solutions like Arbitrum and Optimism.
Another project that has benefited from the sector’s transition to layer-1 and layer-2 alternatives is OMG Network (OMG), a non-custodial layer-two protocol that utilizes an optimistic rollup scaling solution to improve Ethereum scalability.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $8.42 on July 20, the price of OMG has climbed 380% to reach a daily high at $13.52 on Oct. 1 on a record $3.37 billion in 24-hour trading volume.
OMG/USDT 1-day chart. Source:TradingView
Prior to the market-wide pull-back that began in early May, OMG had been performing well in large part thanks to a Coinbase listing. A major development for the protocol came at the beginning of June when the project rebranded from OmiseGO to OMG Foundation as part of its pivot toward layer-two solutions.
Enya and the Boba Network back OMG’s progress
A major part of the rebrand was to highlight the network’s partnership with Enya, a company that creates decentralized infrastructure solutions and the creator of the Boba Network.
1/ The Layer 2 space is heating up. @optimismPBC, @arbitrum, @StarkWareLtd and sidechains like @0xPolygon. We now have @bobanetwork The differentiating feature for Boba Network is fast transfers from Boba to #Ethereum mainnet, which is not found in other rollups.
— DeFi Info (@AboutDefi) August 19, 2021
According to the project’s website, the Boba Network is a Ethereum layer-two optimistic rollup scaling solution aimed at reducing gas fees, improving transaction throughput and extending the capabilities of smart contracts.
With Enya building the Boba Network as a core contributor to the OMG Foundation, the OMG token has benefited from its association with the launch of a new layer-two solution
The rollout of the Boba Network, which rebranded from OMGX, began on Aug. 19 and closely tracked the rise in the price of OMG.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OMG on Aug. 16, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. OMG price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for OMG began to pick up on Aug. 16 and climbed to a high of 75 on Aug. 25, around 24 hours before the price began to increase by 100% over the next three weeks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
OMG’s network is substantially expanding, as more than 1,660 addresses are being created per day.
The rising network growth coincides with a spike in large transactions, which is indicative of whales’ activity.
Given the lack of significant resistance barriers ahead of this token, prices could be about to skyrocket.
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Network activity on the OMG blockchain is rising at a meaningful rate, which may signal that its market value is about to explode.
Large Quantity of New Addresses
OMG seems primed to enter a new parabolic advance from a fundamental perspective. Its network has expanded exponentially over the past week, with several new addresses created.
OMG New Daily Addresses by IntoTheBlock
IntoTheBlock’s Daily Active Addresses model shows that the number of new addresses created on the OMG blockchain bottomed-out on Jan. 27 at a low of 364 addresses per day, calculated on a 3-month trailing average. Since then, network growth has skyrocketed by new active addresses per day.
More than 1,660 new addresses are being created at press time based on this trailing average, which represents a 356% increase within the examined period.
The expansion of the network can be considered a very optimistic signal as it indicates a spike in user adoption over time. Since this on-chain metric is often regarded as one of the most accurate predictions of price, it may forecast that OMG’s price will follow suit.
OMG Transactions Also Rising
A similar uptrend can be seen in the number of OMG transactions on the network with a value greater than $100,000.
Large OMG transactions have been steadily rising over the past two weeks, from roughly 13 to nearly 210 transactions per day. The sudden uptick can be seen as the movement of tokens from holders who own millions of dollars in OMG, colloquially known as whales.
Since these high net-worth individuals have a disproportionate impact on prices because of their enormous holdings and ability to coordinate buying and selling activity, the recent upswing in large transactions shows confidence and trading activity.
Large OMG Transactions by IntoTheBlock
As whales seemingly aim to regain control of OMG’s price action, no supply barrier might be able to prevent this cryptocurrency from achieving its upside potential.
No Significant Resistance Ahead
Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, only two considerable interest areas ahead OMG may have the ability to keep rising prices at bay temporarily.
One of them sits between $5.40 and $7.90, where roughly 19,000 addresses hold nearly 7 million tokens. The second and most crucial resistance wall lies between $10.40 and $12.70, where more than 80,000 addresses had previously purchased 6.30 million OMG.
Holders who have been underwater for an extended period may try to break even on their positions, absorbing some of the buying pressure behind OMG. But if prices can slice through these hurdles, OMG would likely retest previous all-time highs.
OMG In/Out of the Money Around Price by IntoTheBlock
Conversely, the IOMAP cohorts show that OMG Network sits on top of stable support. Over 84,000 addresses bought roughly 51 million tokens between $3.35 and $4.30. Such a massive demand zone suggests that bears will struggle to push prices down.
As long as OMG can hold above an average price of $3.75, the odds for a new bull rally look extremely promising.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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Investment firm Genesis Block Investment (GBV) has announced the acquisition of blockchain platform OMG Network. This development was revealed in a press release on December 3 and would bring new changes to the OMG Network ecosystem. Major Acquisition for GBV GBV stated that the acquisition of OMG Network was part of the investment firm’s mission
Read MoreRead More. The post by Adeniyi Olowoporoku appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
Investment firm Genesis Block Investment (GBV) has announced the acquisition of blockchain platform OMG Network. This development was revealed in a press release on December 3 and would bring new changes to the OMG Network ecosystem. Major Acquisition for GBV GBV stated that the acquisition of OMG Network was part of the investment firm’s mission