Crypto:
30336
Bitcoin:
$64.994
% 0.00
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 64.994
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

OMNI Token Plummets Over 55% After Airdrop

Omni Token, Airdrop

An unexpected incident is taking place now: the Omni Network’s ERC-20 token [OMNI] is airdropped. What follows is a steep drop in their trading prices. At the beginning of the distribution, OMNI lost more than $55 due to dumping, as the coin’s value shared its full market capitalization of approximately $92,000,000. Both the investors and the community members who impatiently waited for the airdrop seem to be rolling on the ground now after having some impact from this heaviest drop.

OMNI Airdrop Fallout: Token Value Slashes by Over Half in Less Than 24 Hours

The snap, which occurred on April 17, was a driver of 1.5 of the basic OMNI tokens deliverable to the community contributors. In other words, the snap accounted for 3% of the total token supply. But soon the euphoria was replaced with disappointment when OMNI’s price plummeted around thirty percent within twenty-seven minutes after spiking incredibly high to $53.79 at its peak and crashed down to $39. The current statistics give OMNI no respite; the crypto has lost ground and is now grounded at $24, which is a 55% decline for less than a day.

The market capitalization of OMNI is cut to $267.5 million, and its completely diluted valuation is around $2,57 billion by the end of this day, as its web information shows. The first skidders received the airdrop (community members, testers, and builders), and they got 1.5 million OMNI tokens (around 36.2 million dollars), which at that moment were worth quite a bit. Nevertheless, after the moment of joy of obtaining these tokens, the hope for their future value soon went down.

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Dividing the Omni Network token, the Omni Foundation has shown different ways, of which over half is intended for ecosystem development and another portion could be used by the Omni Foundation, which has reserved the rights. Moreover, the team tokens were divided between investors and advisors, with unlock blocklists set for each one of them. On the contrary, there is doubt about the future risk of such plans and also a general fear among the stakeholders as a result of OMNI’s abnormal drop in value.

Rug Pulled: Fake OMNI Token Exits with $398,000, Shaking Investor Trust

Reports that a fake OMNI token with the same name committed an exit fraud to the tune of 398, 000 dollars were another trigger for the turmoil. As per the report from blockchain security firm PeckShield, the stuggled token saw its value be worth 100% after the smart contract deployed by its developers dumped 1.7 quadrillion over tokens exchanged for 132 wrapped Ether (WETH), as affirmed by Harsh. That incident, however, shows profoundly how inadequate the process of due diligence as well as the vigilance within the cryptocurrency world must be.

Now that Omni Network investors as well as members of the community grapple with the possible effects, there is no certainty of what is to come with this network, and gloomy doubts linger on the trustworthiness of the project’s developers. OMNI serves as a striking illustration of the highly unstable nature and potential drawbacks of digital assets. Markets, of course, become even more volatile with the emergence of digital assets, and making informed decisions becomes more prudent and critical than ever.

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