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

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

Sep 28, Mon

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

Sep 30, Wed

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

Yesterday 01: 26

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

United States Dollar Index sits near March 2025 highs, above 102.00 ahead of US NFP The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts buyers for the fifth straight day and climbs back above the 102.00 mark during the Asian session on Friday.

Author FXStreet

7 hours ago

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts buyers for the fifth straight day and climbs back above the 102.00 mark during the Asian session on Friday.

Popular Symbols