OMG, the native token of the OMG Network layer-2 scaling protocol, created for 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 exchanges
The cryptocurrency had reported that Boba Network will be handing out free BOBA tokens to OMG holders. For this reason, after the screenshot of the assets in the hands of OMG owners, a decrease of almost 40 percent occurred. 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 sell-offs and stock-takings accelerated 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 their OMG holdings in the screenshot. OMG’s price drop came after a strong rally in prices earlier this month when prices hit a three-year high of $20. cryptocoin.com As we reported, the cryptocurrency has seen gains in the past month as the lure of getting free coins from the upcoming Boba Network airdrop has attracted demand.
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