'Bizarre Activity Alert': OMG Token Crashes 33% After Airdrop Snapshot

The native crypto token of the OMG Network OMG/USD 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.

The sharp drop followed a snapshot of those holding OMG wallets on the Ethereum ETH/USD 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.

Only 15 minutes after the snapshot, 100eyes Crypto Scanner drew attention to a “bizarre activity alert” 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