OMG value crashes by one third after BOBA airdrop snapshot
The value of OMG Network (OMG) has plunged 33% from a every day excessive of $19.35 all the way down to round $13 instantly after completion of the snapshot for an airdrop from the Boba Network.
The snapshot of all wallets holding OMG tokens on the Ethereum community and the layer-two Boba Network passed off at 12am UTC on Friday. OMG holders on the time of the snapshot will obtain BOBA, the governance token for BobaDAO on Nov. 19.
Boba is an Optimistic Rollup layer-two resolution that helps to scale Ethereum sensible contracts, constructed by the Enya crew as core contributors to the OMG Foundation. BOBA token holders will probably 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 value plunge which can have been attributable to OMG holders making an attempt to get forward of “sell the news” value motion.
— 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 half of a bigger marketing campaign to advertise consciousness 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 vital value spikes between Sep. 29 and Oct. 5 to $16.76, and once more extra just lately on Nov. 5 to a virtually four-year excessive of $19.35. Analysts had anticipated larger value potential on OMG for the reason that Boba announcement as a result of excessive quantity of curiosity within the airdrop.
Top-10 crypto exchanges together with Binance, Crypto.com, Huobi, Gate.io, Bitfinex, Binance.US, and FTX are supporting the BOBA airdrop for its customers.
OMG value has been on a gradual upward grind since July 21 of this 12 months when value bottomed out at a four-year low of $3.21, in line with Coingecko.