OMNI Token’s 55% Dip and Fake OMNI’s 100% Fall Creates a Buzz

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Omni Network’s Airdrop Results in OMNI Token’s 55%+ Fall
  • Omni Network released 3 million OMNI tokens to the community contributors on April 17.
  • The airdrop has caused OMNI to decline more than 55%, currently trading at $23.71.
  • PeckShieldAlert cautions against a fake OMNI token, which fell by 100%.

In a surprising turn of events, Omni Network’s airdrop led to a significant price decline for the network’s ERC-20 token, OMNI. In addition, a scam involving the launch of a fake OMNI token has been identified, with its price falling 100%.

Marking a “critical first step towards decentralization for the Omni Network,” the platform launched the OMNI token. In an official blog, Omni Network announced the Genesis staking program, stating, Genesis stakers will earn 6% APY and be eligible to receive partner protocol airdrop distributions that are sent to the Omni Foundation.”

Omni Network released 3 million OMNI tokens, representing 3% of its 100 million supply, to the community contributors on April 17. Subsequent to the airdrop, the token plummeted by more than 30%, from $53.80 to below $39. In the following hours, the token experienced further dips, slipping to severe lows of over 55%.

At present, OMNI is trading at $23.71, marking a loss of 55.9% in the last 24 hours. The token boasts a market cap of $246,382,326 and a 24-hour trading volume of $736,483,444.

On April 15, Omni Network revealed that 9.27 million OMNI, which represents 9.27% of the total supply, is set aside for public launch for “launch pool and liquidity.” In addition, 29,500,000 tokens (29.5%) are reserved for ecosystem development. For community growth, investors, and advisors, the platform owes a distribution of 12,666,667, 20,063,333, and 3,250,000 tokens respectively.

Meanwhile, crypto sleuth PeckShieldAlert shared an X post cautioning against a fake OMNI token, which dipped by 100%. According to PeckShieldAlert’s report, the deployer 0x2100A5…7bA3, has dumped 1,769,800,761,000,000 OMNI for 132.08 WETH worth $398,000.

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