OMG Price Crashes After Snapshot of BOBA Token Airdrop
The price of the OMG Network (OMG) native token has lost more than 25% after taking a snapshot for the Boba Network project airdrop.
The snapshot of OMG holders’ wallets was taken on November 12 at 3:00 am UTC.
Boba Network is a second-tier solution for the Ethereum blockchain based on optimistic accumulations. The creator of the project is the Enya team, one of the core members of the OMG Foundation. BOBA token holders will be able to submit and vote on proposals on the Boba DAO.
Enya announced the launch of the BOBA airdrop last September 20. OMG holders on Ethereum and Boba Network were able to participate in the action, which was supported by major crypto exchanges such as Binance and FTX.
OMG was trading at $9.8 at the time of the announcement. The excitement around the airdrop led to an increase in the price of the asset. For example, last October 3, the token was up 21% and on November 4, it was up 25%. At its peak, the price of the asset reached over $20.
An hour after the snapshot was taken, OMG’s price plummeted by 25%, however, the gradual decline began earlier, on the night of November 11.