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The OMG Community token crashed 25% following Boba Community’s announcement that it had taken its airdrop snapshot.
OMG Holders Dump Tokens
Airdrop euphoria has backfired for OMG token holders.
Boba Community introduced that it had taken the deliberate OMG token holder snapshot Thursday evening, qualifying everybody holding OMG tokens for an airdrop of BOBA governance tokens on Nov. 19.
Nonetheless, it seems that many had been holding OMG tokens solely to qualify for the airdrop, resulting in a considerable sell-off after the snapshot was taken. Minutes after the Boba Community tweeted that it had taken the snapshot, the OMG token plummeted 25%.
OMG/USD chart. Supply: CoinGecko
Boba Community is an Ethereum Layer 2 resolution created by Enya in collaboration with OMG Community. The community makes use of Optimistic Rollups to cut back gasoline charges whereas sustaining Ethereum’s safety and decentralization.
In September, the Boba community introduced that it will be decentralizing by airdropping BOBA governance tokens to all customers who had transferred OMG tokens to Boba Community utilizing its devoted bridge or had been holding OMG tokens in a non-custodial pockets or via sure centralized exchanges. On the time of the announcement, the precise date for the airdrop snapshot was not revealed, solely that it will happen within the close to future. As Boba Community introduced its airdrop forward of time, it incentivized holding OMG tokens to qualify for the BOBA allocation.
Over the previous 12 months, a number of main tasks have airdropped tokens to early customers. In August, buying and selling platform dYdX introduced an airdrop to all addresses that had used the protocol earlier than a predetermined date. Extra just lately, Ethereum Identify Service airdropped its governance tokens to those that had registered a “.eth” area identify via the appliance. Customers who held onto their ENS noticed their holdings soar in worth because the token rallied above $80; it’s since cooled off, with ENS buying and selling at $54 at press time.
Disclosure: A the time of scripting this characteristic, the creator owned, BTC, ETH, and several other different cryptocurrencies.
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