OMG, the native token of the OMG Network layer-2 scaling protocol, created to enable Ethereum to offer faster and cheaper transactions, suffered a sharp drop on Friday. Altcoin investors were thought to flock to the exchanges for sale.
Investors of popular altcoin OMG poured their holdings into stock markets
The cryptocurrency had reported that Boba Network will distribute free BOBA tokens to OMG holders. For this reason, after the screenshot of the assets in the hands of OMG owners, there was a decrease of almost 40 percent. The coin fell from $ 19 to $ 12, reaching its lowest price since October 28. Centralized exchanges recorded a record inflow of 5.7 million OMG tokens on Friday. The increased coin transfer represented the investor’s intent to sell.
Price sales and stock market listings gained momentum during trading hours in Asia after Boba Network, a new layer 2 product created by blockchain developer Enya in collaboration with OMG Network, announced that it had taken a snapshot of balances held by OMG holders. On November 19, these registered wallets will receive free BOBA governance tokens in proportion to the OMG holdings in the screenshot. OMG’s price drop comes after a strong rally in which prices hit a three-year high of $20 earlier this month. Cryptocoin. com
As we reported , the cryptocurrency has seen gains over the past month as the lure of getting free coins from the upcoming Boba Network airdrop has attracted demand.
