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- OMG price plunged significantly by 33% after the BOBA airdrop snapshot
- A twitter user noted that the plunge may have been caused by token holders trying to get ahead of the “sell the news” price action
- Analysts anticipated higher price potential following increasing interest in BOBA airdrop
OMG price has seen significant growth since last year, amid the global COVID-19 pandemic. The network is a non-custodial, layer-2 scaling solution that is built for the Ether blockchain. The project allows its users to transact ETH coins and all ERC-20 tokens faster and cheaper. OMG is the utility token of the network that acts as a payment option for fees on the blockchain. Recently, the project announced an airdrop snapshot of BOBA tokens, where each OMG token holder was eligible to get one BOBA token. However, while the hodlers were looking on to get BOBA, the price of OMG significantly crashed by one-third.
OMG’s holders can get BOBA
Boba DAO is an optimistic roll-up Layer-2 solution that helps to scale the Ether based smart contracts. The project is built by the Enya team, who are the core contributors on the OMG Network. On Friday 12 A.M. UTC, the network took a snapshot to airdrop BOBA, the governance tokens for Boba DAO. Notably, all OMG holders at the time of snapshot will receive the governance token on November 19, 2021. It is also noteworthy that the holders of BOBA will be eligible to submit votes on proposals for the decentralized autonomous organization (DAO).
OMG price plunged after snapshot event
On Friday, after 10-minutes of the snapshot for an airdrop, the OMG price significantly plunged by 33% from its intraday high of $19.35. At the time, the 100eyes Crypto Scanner, noted a bizarre activity on the dramatic price plunge. According to the tweet shared by 100eyes Crypto Scanner, the plunge may have been caused by token holders trying to get ahead of the “sell the news” price action.
Significantly, on September 20, 2021, BOBA token’s airdrop was announced. According to the announcement, the event was going to be a part of a larger campaign to promote awareness of the network launching its mainnet. However, since the announcement OMG price has seen two significant rallies from the price level of $9.50 to $19.35. Following the scenario, analysts in the market anticipated higher price potential for the digital asset, due to the high amount of interest in the airdrop.
Performance of other major crypto assets
When OMG prices plunged, over the same period Bitcoin and Etereum also saw some notable bumps. At press time, Bitcoin is trading near the price level of $63,700, which is down by more than 2% over the last 24-hours. In contrast, Ethereum is trading near the price level of $4,600, which is down by more than 2.5% over the past 24-hours. However, weekly charts of almost all the major digital assets are uptrending.
