Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

OMNI post nearly 50% loss after airdrop and exchange listing

Source Fxstreet

OMNI takes nearly a 50% dive as airdrop participants sell their tokens.
OMNI's crash follows that of Solana-based Parcl.
The underperformance may be due to the general crypto market slump.

Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.

Read more: Sam Altman’s Worldcoin to launch World Chain Layer 2

OMNI underperforms after airdrop

Omni Network is a blockchain platform that aims to integrate Ethereum rollups.

Considering the restaking boom in DeFi protocols, OMNI airdrop participants and investors expected its price to skyrocket, similar to ENA and EtherFi. However, the platform, which aims to unite rollups, saw a massive decline in its OMNI token. As investors received the free OMNI tokens, many of the tokens were sold, possibly in a bid to collect liquidity.

Also read: Sui soars nearly 12% after partnership with BytePlus

The impact of the sell-off may also be because OMNI listed on several exchanges—including Binance, ByBit, and Bitget—at the same time, its airdrop went live. OMNI went live with over 10,000 OMNI tokens and soon began trading for around $53.81 before crashing to $27.18 at the time of writing. OMNI's trading volume is about $580 million.

OMNI's crash also aligns with the poor performance of the airdrop of Solana-based real-world asset derivatives trading protocol Parcl (PRCL). Investors expected the coin to trade around $1.5 to $2.0, but it was largely disappointing as it couldn't cross the $0.70 mark before crashing.

Wormhole, which airdropped its X token, has also lost about $1.5 billion from its market cap since launch. One major reason for these airdrops' recent underperformance may be the wider crypto market slump following tension surrounding a potential Iran-Israel conflict.

Read more: Ethereum moves sideways as Q1 report indicates token burns are making it deflationary

One crypto community member noted on X:

"People are down bad last few weeks. Makes sense they would take whatever liquidity they could get right now (...) In a fear based environment people insta dump airdrops."

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Gold Price Forecast: Gold Eyes Key $4,400 Resistance as Falling Oil Prices Ease Inflation Pressure As of the Asian session on September 21, gold prices (XAUUSD) maintained high-level consolidation intraday today following a strong rebound last week, with the latest price trading around

Author TradingKey

Sep 21, Mon

As of the Asian session on September 21, gold prices (XAUUSD) maintained high-level consolidation intraday today following a strong rebound last week, with the latest price trading around

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

17 hours ago

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Popular Symbols