OMNI Token Price Plummets After Airdrop
The OMNI token from the Omni Network faced a drastic 55% drop in value following an airdrop, wiping out more than half of its market capitalization.
Distributed to community contributors, the 3 million OMNI tokens represented 3% of the total supply. Within 30 minutes of the airdrop, the token’s price plummeted nearly 30%, continuing to slide to around $24, marking a drop of over 55%.
Presently, the market cap sits at $267.5 million, resulting in a fully diluted valuation of about $2.57 billion.
The remaining tokens were distributed among EigenLayer restakers and select NFT projects, such as Pudgy Penguins.
Additionally, the Omni Network outlined plans to reserve 9.27 million OMNI tokens for public launch pools and liquidity, and another 29.5 million tokens for ecosystem development.
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Approximately 23.3 million tokens were designated for investors and advisors.
In a separate development, a fake OMNI token with the same ticker faced a scam, resulting in a $398,000 exit scheme.
According to blockchain security firm PeckShield’s post on April 18, the fake token’s smart contract dumped over 1.7 quadrillion tokens for 132 Wrapped Ether (WETH), causing a 100% price drop.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
