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BOBA Airdrop snapshot causes OMG to plunge by 33% from daily high

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Immediately after the completion of the BOBA Airdrop snapshot from the Boba network, the price of OMG Network plunged by 33% to $13 from a daily high of $19.35 .

BOBA token users have been looking forward to the snapshot to get tokens later this month, but their OMG tokens dropped by one third today

On Friday, a snapshot of all wallets holding OMG tokens on the layer-two Boba and Ethereum network took place at 12 am UTC. On Nov 19 the OMG holders are expected to receive BOBA that governs tokens for Boba DAO.

Boba helps to scale Ethereum smart contracts with the OMG foundation being the key determinant. BOBA token holders will have a right to submit and vote on proposals for Boba DAO.

At 12:04 am UTC Boba Network tweeted that the snapshot occurred at Ethereum block 13597967, and also on Boba Network block 15354.

Ten minutes after Boba network tweet, 100eyes crypto scanner account tweeted on the price plunge caused by OMG holders on price action

🚨 Crypto alert:
[#OMG#BTC] Bizarre Activity alert (15m)
[#OMG#USDT] Bizarre Activity alert (15m) pic.twitter.com/OnmfSltaGo

— 100eyes Crypto Scanner 🌐 (@100eyesCrypto) November 12, 2021

On September 20, when OMG was about $9.50 Boba Network announced the airdrop which was part of the larger campaign that promoted the launching of Boba Network mainnet.

After the launching of Boba Network Mainnet, OMG has seen an increase in the price between Sep. 29 and Oct. 5 to $16.76, the recent nearly to a four-year high of $19.35 on Nov.5. Analysts had predicted a higher amount of interest and prices on OMG after the Boba announcement.

Due to many users, BOBA airdrop is getting support from one of the top -10 crypto exchanges including Huobi, Binance.US, FTX, crypto.com, Bitfinex, Binance, and Gate.io.

According to coingecko, OMG’s price has been gradually increasing since July 21 this year following a four-year low drop of $3.21.

The post BOBA Airdrop snapshot causes OMG to plunge by 33% from daily high appeared first on Coin Journal.

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