Why did the price of OMG Network collapse?

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Today, the price of OMG Network (OMG) has dropped 33% from a daily high of $ 19.35 to about $ 13, just after the completion of the Boba Network airdrop screenshot.

A snapshot of all wallets with OMG tokens on the Ethereum and Boba Network of the second level was taken at 04:00 Moscow time. Based on it, OMG holders will receive a governance token for BobaDAO BOBA on November 19.

Boba is a Layer 2 Optimistic Rollup solution that helps scale Ethereum smart contracts and is created by the Enya team with contributions from the OMG Foundation. BOBA token holders will be eligible to vote on Boba DAO proposals.

Boba Network Team wrote on Twitter at 4:04 am that the screenshot was taken on Ethereum block 13597967 and on Boba Network block 15354.

About ten minutes later, the 100eyes Crypto Scanner account tweeted a “Strange Activity Alert” with a sharp drop in prices that could have been triggered by OMG holders’ eagerness to sell the coin on the news.

Crypto alert: [OMG-BTC] Strange activity alert (15 min) [OMG-USDT] Strange activity alert (15 minutes)

Boba Network announced an airdrop on September 20 when OMG was priced at approximately $ 9.50. The giveaway of the cryptocurrency was part of an awareness campaign for the launch of the Boba Network.

Since then, OMG has experienced two significant price spikes, from September 29 to October 5 to $ 16.76 and November 5 to a nearly four-year high of $ 19.35. The price of OMG was supposed to have increased even more since the announcement of the Boba distribution.

Top 10 crypto exchanges including Binance, Crypto.com, Huobi, Gate.io, Bitfinex, Binance.US and FTX have supported BOBA airdrop for their users.

According to Coingecko, OMG’s price continues to hover around $ 12.96 at the moment.

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