OMG – the cryptocurrency that powers the OmiseGO Network price is up 23% today setting a new all time high of $19.53. Let’s see what the hype is all about and why people are buying $OMG
What Is OmiseGo ($OMG)?
The OmiseGo network is an Ethereum-based financial technology for use in mainstream digital wallets. OmiseGO enables real-time, peer-to-peer value exchange and payment.
In other words, the OMG Network aims to help users transfer their ETH and ERC20 tokens much faster and cheaper than current methods. The $OMG token is a utility token that can be used for fees when making transactions on the OMG Network.
Why Is OMG Price Rising?
The recent price hike comes amid the $BOBA Token Airdrop announcement. Moreover, the Airdrop is now supported by major exchanges like Huobi and Crypto.com, bringing lots of attention to the project.
☑️ Don't forget, November 19 is our airdrop date! (Snapshot on the 12th)
🤝We have great exchange partners like @upbitglobal and @FTX_Official, make sure that your exchange is one of them to receive the airdrop
Visit https://t.co/Sd3B1GTaxa for more
— Boba Network #Consensus2022 (@bobanetwork) November 3, 2021
The Airdrop date is set for November 19th and will allow users to claim their share of $BOBA. The Airdrop details a few conditions that must be met in order to be eligible for the Airdrop, one of which is to hold $OMG.
What Is $BOBA?
For those confused, $BOBA is a new token launched by the OMG Foundation to support the Boba Network.
According to their website, $BOBA is:
“an Ethereum Virtual Machine (EVM) compatible Layer 2 Optimistic Rollup that helps Ethereum smart contracts scale while delivering a delightful user experience.”
In other words, it allows developers to build dApps that can run web-scale code on serverless infrastructures like AWS Lambda. This makes it possible to create complex applications that otherwise would be near impossible on-chain.
There’s no doubt that the recent Aidrop announcement generated quite a bit of hype around this project. Airdrops are a great way to incentivize community interaction and spread word about a project.
Where To Buy OMG?
The top 5 exchanges by trade volume for OMG are:
You can also purchase OMG on Crypto.com’s mobile app.
At the time of writing, the OMG price is inching towards $20. If the market is able to break through $20, there is potential that there will be strong support at that level.
As always, this is not financial advice, proceed with caution when trading crypto as price fluctuations can be astronomical.
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