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The Omni Network price plunged 11% in the past 24 hours to trade for $0.0008169 as of 02:00 a.m. EST as trading volume plummeted 65%.
The dump may be part of the ‘sell the news’ syndrome after the OMNI token listing on Binance and the airdrop that came with it. Omni Network is a blockchain platform committed to integrating Ethereum rollups.
Our latest #Binance Launchpool: $OMNI
Omni Network is a low latency interoperability network that connects all Ethereum rollups securely through the use of restaking.
Learn more 👇https://t.co/zDlaGlzxak
— Binance (@binance) April 16, 2024
The token also went live on ByBit, Bitget, LBank, DeFianceSwap, with the network taking everything a step further with global programmability across multiple chains and rollups. This is all toward Ethereum Virtual Machine (EVM) expansion.
The Ethereum Virtual Machine (#EVM) is the heart of decentralized app development, but #Omni EVM takes it a step further with global programmability across multiple chains and rollups.@OmniFDN 🧶⤵️⤵️⤵️ pic.twitter.com/5A9hUZRgFT
— neodallas🥷♦️ (@neodallaas) April 18, 2024
Some say the drop in the Omni Network price plunge is largely due to profit taking after partial disappointment following the airdrop.
Given the popularity of restaking among Decentralized Finance (DeFi) protocols, OMNI airdrop participants and investors expected its price to skyrocket, similar to what happened to Ethena’s ENA and EtherFi.
As investors received the free OMNI tokens, most of them disposed or cashed in their allocations. This was possibly in a bid to collect liquidity, same case as what happened in the Parcl (PRCL) ecosystem.
Time to claim your $PRCL
It’s kind of unsurprising the price has plummeted from the pre-launch market and is sitting at 0.61 currently.
People are down bad last few weeks. Makes sense they would take whatever liquidity they could get right now.
I’ve only just claimed and the… https://t.co/O10SQpPVuE
— Aylo (@alpha_pls) April 16, 2024
Omni Network Price Outlook
The Omni Network price has recorded lower highs and lower lows over the past few days. The Parabolic Stop and Reverse (SAR) indicator is trailing the Omni Network price from below, providing downward support to prevent a further dip. Nevertheless, the Omni Network price remains stuck in the lower section of the market range.
Momentum is falling fast, as seen with the nose-diving Relative Strength Index (RSI). This is worsened by the position of the Awesome Oscillator (AO) in negative territory. Increased selling pressure could see the Omni Network price extend the fall to retest the $0.0004000 range low.
TradingView: OMNI/USDT 12-hour chart
On the other hand, if OMNI bulls see the dip as a buy opportunity, the buying pressure could send the Omni Network price north. For the bearish thesis to be invalidated, the price must record a candlestick close above the 50% Fibonacci placeholder of $0.0008169.
A close above this level on the 12-hour timeframe would encourage more buy orders, potentially catapulting OMNI price to the peak of the market range at $0.0012040.
Nevertheless, as the Omni Network price teases with more downside momentum, consider Sponge V2, a project offering a strong risk-reward ratio ahead of its imminent launch.
Promising Alternative To Omni Network
With the cryptocurrency market struggling amid ongoing tension in the Middle East, investors are also looking at other promising alternatives for their portfolio diversification. Sponge V2 is the latest meme coin sensation, coming up after its forerunner, Sponge V1, was discontinued in the first week of February.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
The token features among the meme coins that analysts say could record exponential gains at launch. Sponge V2 now has a Polygon version and an Ethereum version. The migration to Polygon was inspired by a malicious attack on its liquidity pool.
The token will soon list on multiple exchanges. However, before this happens, the staking function continues to give investors multiple opportunities for earning income passively. Buy and stake Sponge V2 to start earning rewards today.
Girls will come and go but $SPONGE will always stay! 🧽🧽
Stake your $SPONGE tokens now before February 5th! ⏰
Remember, holders on both DeFi and exchanges should stake their Sponge V1 through our website to be able to claim SPONGE V2.#SpongeV2 #Crypto #AltSeason #BTC #100x pic.twitter.com/VWqy88wDBA
— $SPONGE (@spongeoneth) February 4, 2024
Token holders are currently enjoying annual percentage yields (APY) as high as 165% on Ethereum and 349% on Polygon. So far, upwards of 9.810 billion tokens have been staked.
Big news, #SPONGERS! 🧽
There are now over 9,700,000 $SPONGE tokens staked with current value of $17 million! 🔥 🤯
Hurry and secure your spot now!
👉 https://t.co/fz33NRaf3G#SpongeV2 #MemeCoin #100xGem pic.twitter.com/guJA0vg4uF— $SPONGE (@spongeoneth) April 17, 2024
This is among the reasons why analysts rank it among the top five cryptos to invest in now. Crypto YouTuber Jacob Bury has Sponge V2 among the best meme coins to buy now with the potential for 1000X gains.
Sponge V2 P2E Function
Besides staking, the project has also expedited the launch of a fully decentralized Play-to-Earn (P2E) game.
With the token now offering a last chance to buy, the presale could end at any time, so buy now if you are interested.
Also Read:
- How to Buy Sponge V2 On Presale – Alessandro De Crypto Video Review
- 100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?
- Can Sponge V2 Experience a 100x Surge Similar to Sponge V1 Upon Its Launch in 2024? Conor Kenny Presale Review
- $SPONGE Crypto Price Surge Sparks Speculation on SPONGE V2’s Meme Coin 100x Potential
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