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The Omni Network's token, OMNI, plummeted by over 55% just 18 hours after its airdrop, erasing more than half its market cap. A fake token with the same name was also "rug pulled," with its price dropping 100%. The layer-1 testnet blockchain, which aims to connect Ethereum rollups, distributed 3 million OMNI, or 3% of its 100 million token supply, to its community contributors on April 17. The token's price has continued to slide since the airdrop, with its current market cap at $267.5 million. Meanwhile, a fake OMNI token's developers have reportedly pulled a $398,000 exit scam.

The Omni Network's token, OMNI, plummeted by over 55% just 18 hours after its airdrop, erasing more than half its market cap. A fake token with the same name was also "rug pulled," with its price dropping 100%. The layer-1 testnet blockchain, which aims to connect Ethereum rollups, distributed 3 million OMNI, or 3% of its 100 million token supply, to its community contributors on April 17. The token's price has continued to slide since the airdrop, with its current market cap at $267.5 million. Meanwhile, a fake OMNI token's developers have reportedly pulled a $398,000 exit scam.

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