- Omni Network has faced a slight setback.
- The protocol’s native token dropped significantly a day after launch.
- Various factors could have contributed to the poor performance.
Omni Network’s native token OMNI has significantly dropped over the last 24 hours following its massive airdrop and listings on major crypto exchanges like Binance, Bybit, and Bitget.
Officially launched on April 17, OMNI attracted considerable attention in the crypto community after airdropping 3 million tokens to early test network users, developers, and participants. However, this key milestone’s euphoria didn’t last long, as the token took a downward trajectory within hours of trading.
OMNI Crashes to All-Time Lows
Within a mere 30 minutes of its launch, the price of OMNI, as per CoinMarketCap data, plummeted by 30%, dropping from $53.80 to below $39. This rapid descent was followed by further volatility, with the token’s value plunging by over 50% to trade at $25.12 at the time of writing.
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OMNI’s fall could have been attributed to various factors, including the overall crypto market instability, which saw Bitcoin (BTC) fall almost 17% from its all-time high to trade below $60,000 on Wednesday.
Massive token sales from airdrop claimants could have potentially impacted the market, given that OMNI’s trading volume teased north of $830 million hours after its launch. Following the price drop, the trading volume has since fallen to $331 million.
Another factor that likely contributed to OMNI’s drastic performance is the sudden emergence of a fake token, which blockchain security firm PeckShield declared shares the same name as the legitimate OMNI token.
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Per PeckShield, the fake token’s developer dumped over 1.7 quadrillion tokens for 132 Wrapped Ether (WETH) on April 18, pulling a swift $398,000 exit scam. The fake token likely sowed confusion in the crypto market, contributing to OMNI’s volatility.
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