OmiseGo Plummets 25% Following Airdrop Snapshot

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The OMG Network token crashed 25% following Boba Network’s announcement that it had taken its airdrop snapshot. 

OMG Holders Dump Tokens

Airdrop euphoria has backfired for OMG token holders.

Boba Network announced that it had taken the deliberate OMG token holder snapshot Thursday evening, qualifying everybody holding OMG tokens for an airdrop of BOBA governance tokens on Nov. 19.

However, it seems that many had been holding OMG tokens solely to qualify for the airdrop, resulting in a considerable sell-off after the snapshot was taken. Minutes after the Boba Network tweeted that it had taken the snapshot, the OMG token plummeted 25%.

OMG/USD chart. Source: CoinGecko

Boba Network is an Ethereum Layer 2 answer created by Enya in collaboration with OMG Network. The community makes use of Optimistic Rollups to scale back gasoline charges whereas sustaining Ethereum’s safety and decentralization.

In September, the Boba community introduced that it will be decentralizing by airdropping BOBA governance tokens to all customers who had transferred OMG tokens to Boba Network utilizing its devoted bridge or had been holding OMG tokens in a non-custodial pockets or by sure centralized exchanges. At the time of the announcement, the precise date for the airdrop snapshot was not revealed, solely that it will happen within the close to future. As Boba Network introduced its airdrop forward of time, it incentivized holding OMG tokens to qualify for the BOBA allocation. 

Over the previous yr, a number of main initiatives have airdropped tokens to early customers. In August, buying and selling platform dYdX introduced an airdrop to all addresses that had used the protocol earlier than a predetermined date. More not too long ago, Ethereum Name Service airdropped its governance tokens to those that had registered a “.eth” area title by the applying. Users who held onto their ENS noticed their holdings bounce in worth because the token rallied above $80; it’s since cooled off, with ENS buying and selling at $54 at press time. 

Disclosure: A the time of penning this function, the writer owned, BTC, ETH, and a number of other different cryptocurrencies. 

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