Bittime - The price of Omni Network (OMNI) tokensplunged 50% in just 18 hours after being distributed free (airdrop) to testnet users and some NFT owners.
Omni Network's token, OMNI, saw its value drop by more than 55% after 18 hours of airdrop. As a result, their market capitalization shrank by more than half.
Worse yet, a fake token with the same name has just carried out a "rug pull," which is a fraudulent scheme in which developers withdraw all collected funds. As a result, the price of the fake token immediately fell 100%.
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Omni Network, a layer-1 blockchain that aims to connect Ethereum rollup, distributed 3 million OMNI tokens (3% of the total 100 million tokens) to their community contributors last April 17. At that time, OMNI's market capitalization reached $560 million.
However, in just 30 minutes, the price of OMNI fell almost 30% from $53.80 to below $39. The decline continued to around $24, or more than 55%.
Also read: Omni Token ($OMNI): Will This New Token Surpass $50 in Its Debut?
As a result, OMNI's current market cap is $267.5 million. If all the tokens were put into circulation, their value would be estimated at $2.57 billion according to CoinGecko.
Of the airdrop, 50% (1.5 million OMNI tokens) was given to early testnet users, developers and community participants. The total value is approximately $36.2 million.
The remaining tokens were split among various parties, including EigenLayer staking participants and several non-fungible token (NFT) projects such as Pudgy Penguins.
On April 15, Omni Network announced that 9.27 million OMNI tokens (9.27% of total supply) would be allocated for the public launch and used for “launch pool and liquidity.”
However, the largest share of OMNI, namely 29.5 million tokens (29.5% of the total supply), will be allocated for "ecosystem development" and distributed by the Omni Foundation, the institution supporting the blockchain.
23 Million OMNI Tokens Allocated to Investors and Advisors
Nearly a quarter of all OMNI tokens (23.3 million) are allocated to investors and advisors.
Advisors today received 625,000 OMNI tokens worth $15 million. They will receive another 875,000 OMNI tokens a year, then 437,500 OMNI tokens every six months for two years.
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Investor tokens have an unlock schedule of three years. Nearly 6.7 million tokens (worth about $161 million currently) will be unlocked after 12 months, the remainder will be unlocked every six months until their allocation is exhausted.
Meanwhile, developers of a fake OMNI token with the same ticker have carried out a $398,000 “rug pull” scam.
Also read: Aevo Launches Omni Network Futures Contract (OMNI), Trading at $42
Blockchain security firm PeckShield wrote in a post on April 18 that the price of the fake token immediately dropped 100% after the smart contract that created it issued more than 1.7 quadrillion tokens and exchanged them for 132 Wrapped Ether (WETH).
About Omni Network (OMNI)
Omni Network (OMNI) is a layer 1 blockchain platform designed to unify various Ethereum scaling (rollup) solutions. Omni Network builds a high-speed, low-latency global messaging network.
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The network aims to address fragmentation in the Ethereum ecosystem by providing a unified layer for rollups, thereby improving interoperability, security, and performance across different blockchain protocols.
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Also read:
OMNI Token Launch Crashes: High Hopes, Gloomy Start
Should You Buy OMNI? Understanding the Price Fluctuations of This New Coinbase Listing
OMNI Token Launch Was Tarnished by Fake Rug Pull Token Action
Watch Out for New Trap! Stablecoin USDe Ethena Threatens Bitcoin with Terra-Like Collapse
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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