Omni Network (OMNI) Token Debuts Amid Market-Wide Pullback
NAIROBI (Coinchapter.com) – Omni Network has recently launched its native OMNI token, but its debut has been marked by significant price volatility. The OMNI price has crashed over 50% from initial trading levels. The primary driver behind this decline appears to be the influx of tokens from Omni Network’s airdrop, which saw early participants receive 1.5 million OMNI worth $36.2 million.
OMNI Token Launch and Initial Price Action
According to CoinGecko, the OMNI token debuted at $53.80 on April 17th, 2024. Within 30 minutes, the price plummeted nearly 30% to under $39. The crash continued, and the token eventually settled around $24 – a staggering 55% drop from its initial listing price.
Omni Network’s OMNI token is currently trading at $24.66, a staggering 54.2% decline over the last 24 hours. This sharp drop in price has caught the attention of the cryptocurrency community, as the project’s launch was widely anticipated. The current market cap of OMNI sits at $255.77 million, with a 24-hour trading volume of $586.37 million.
Omni Network strategically launched its OMNI token on Coinbase with an “Experimental” label to increase visibility. Despite the platform’s endorsement, the price trajectory suggests that investors might be reacting cautiously amidst wider market unrest. The broader crypto market’s downturn, led by Bitcoin losing over 12% of its value and briefly dropping below the $60,000 mark, likely contributed to OMNI’s sharp decline.
The rollout included a significant airdrop to early adopters and community contributors, totaling 3 million OMNI — 3% of its 100 million token supply. Despite the incentives, the price failed to hold, dropping nearly 30% within half an hour of the airdrop.
Fake Token Rug Pull Adds to Volatility
Alongside the Omni Network’s launch, a disturbing incident involving a fake token has also come to light. A fake token sporting the same “Omni” name has just been “rug pulled,” meaning its price has dumped by 100%. This incident has likely contributed to the heightened volatility surrounding the launch of the legitimate OMNI token.
Blockchain security firm PeckShield reported that a fraudulent OMNI token, using the same ticker, had orchestrated a $398,000 exit scam. The deploying smart contract dumped over 1.7 quadrillion tokens for 132 Wrapped Ether (WETH), effectively pulling the rug on unsuspecting investors.
Despite the initial price drop, the OMNI token maintains an impressive market capitalization of $267.5 million and a fully diluted valuation of around $2.57 billion. The project’s team remains steadfast in its commitment to the Omni Network. It expressed gratitude to the community and promised to continue working on this ambitious blockchain initiative.
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