Token

Wednesday

Parcl

Omni

The Omni Network’s native token, OMNI, experienced a significant price drop of nearly 55% on Wednesday following its airdrop and listing on major cryptocurrency exchanges. The token’s value tumbled from $53.80 to around $24 within hours of trading. 
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 OMNI, 24 hrs Price Chart, Source: CoinMarketCap
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Omni Network, a blockchain platform aiming to integrate Ethereum rollups,<a href="https://news.omni.network/the-omni-genesis-airdrop/" target="_blank" rel="noreferrer noopener" data-wpel-link="external"> conducted</a> an airdrop of 3 million OMNI tokens, representing 3% of its 100 million token supply, to community contributors on April 17. The airdrop coincided with OMNI’s listing on exchanges like Binance, ByBit, and Bitget, with initial trading starting around $53.81. 
Contrary to expectations for a spike like ENA and EtherFi, OMNI’s value dropped sharply. Investors may have sold the airdropped tokens to collect liquidity, contributing to the steep decline. The token’s trading volume reached approximately $830 million. 
In the wider crypto market slump, potentially influenced by tensions surrounding a potential <a href="https://www.cryptotimes.io/2024/04/14/crypto-prices-drops-amid-tensions-between-iran-and-israel/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Iran-Israel conflict</a>, OMNI token prices fell by 55% on Wednesday after listing on major crypto exchanges, such as Parcl (PRCL) on Solana and Wormhole’s X token, which has lost $1.5 billion in market cap since launch. 
As the crypto market faces volatility, the response to the OMNI airdrop underscores how investor sentiment can affect new tokens. A commentator on X explained, “People have been struggling financially, so they quickly sell any airdrops they receive to access cash in this fear-driven market.” 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/12/ton-foundation-airdrops-300000-toncoin-to-meme-coin-traders/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">TON Foundation Airdrops 300,000 Toncoin to Meme Coin Traders</a>. 
</blockquote>

OMNI Token Plunges 55% After Airdrop & Exchange Listings

The Crypto Times

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