The native crypto token of the OMG Network (CRYPTO: OMG) declined by 33% in a span of 15 minutes after a snapshot of an airdrop from the Boba Network.
What Happened: OMG was trading at an intra-day high of $19.59 before dropping to a low of $12.60 on Thursday.
đ¨ Crypto alert:
[#OMGâ#BTC] Bizarre Activity alert (15m)
[#OMGâ#USDT] Bizarre Activity alert (15m) pic.twitter.com/OnmfSltaGoâ 100eyes Crypto Scanner đ (@100eyesCrypto) November 12, 2021
The sharp drop followed a snapshot of those holding OMG wallets on the Ethereum (CRYPTO: ETH) network and the layer-two solution Boba Network. At the time of the snapshot, those holding OMG tokens would be eligible to receive BOBA tokens; the new governance token for the Nov. 19 launch of the BobaDAO.
The $BOBA snapshot time has passedânow itâs only a matter of time until you get a taste of $BOBA!!
L1 Ethereum Snapshot Block: 13597967
L2 Boba Network Snapshot Block: 15354Weâre excited kickstart our community #Bobarians when the token drops next week, on Nov 19th.
â Boba Network ($OMG) (@bobanetwork) November 12, 2021
Only 15 minutes after the snapshot, 100eyes Crypto Scanner drew attention to a âbizarre activity alertâ that saw the price of OMG drop sharply within a short span of time.
Holders were likely attempting to sell the news as quickly as possible after the completion of the airdrop was announced.
OMG has gained over 300% in the last three months, with most of the recent price action being attributed to crowd interest in the Boba airdrop.
Price Action: At the time of writing, OMG was trading at $12.8, down 24% in the last 24 hours. The coin had a trading volume of $6.9 billion, up 254% in the last day.
Photo: Maxim Hopman on Unsplash
