Omni Network Token Crashes 56% after Airdrop Distribution
Scammers created a fake token with the same name, OMNI, to take advantage of the excitement surrounding the Omni token launch, which aims to connect Ethereum rollups.
Omni Network (OMNI) lost more than 56% of its market value after its airdrop distribution and exchange listing on April 17, 2024, as investors dumped the token back into the market. According to CoinGecko data, the token’s value crashed from $53 to $23 within the past 24 hours.
OMNI Underperforms after Airdrop Distribution
Starting at 11 am UTC on Wednesday, Omni distributed approximately 3% of its total token supply of 100 million to early adopters who interacted with the blockchain before launch. The airdrop allocation extended to the platform’s community, restakers in EigenLayer, and those on Beacon.
In less than 60 minutes after the token was distributed and listed on exchanges such as Binance, ByBit, Bitget, and KuCoin for trading, its value dipped 30% to around $39 from $53.
The token continued on a downward trajectory, with its market cap slipping from the $560 million it recorded before the airdrop to $245 million. It currently boasts a 24-hour trading volume of $737 million.
The decline aligns with the broader market downturn, which saw the two leading cryptocurrencies in the industry, Bitcoin (BTC) and Ethereum (ETH), plummet below $60,000 and $3000 before recovering slightly.
Fake OMNI Token Rug Pulls With Investor’s Funds
Scammers created a fake token with the same name, OMNI, to take advantage of the excitement surrounding the Omni token launch, which aims to connect Ethereum rollups.
However, according to blockchain security company PeckShield, which identified and exposed the scam, the project “rug pulled,” causing the token’s value to plummet by 100%.
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