OMG price slides after snapshot for Boba Network airdrop

The native utility token of the OMG Network sidechain (OMG) fell by more than 25% after the snapshot for the Boba Network project’s airdrop. The snapshot of OMG holder wallets was taken on November 12 at 3:00 MSK.

The $BOBA snapshot time has passed—now it’s only a matter of time until you get a taste of $BOBA!!

L1 Ethereum Snapshot Block: 13597967
L2 Boba Network Snapshot Block: 15354

We’re excited kickstart our community #Bobarians when the token drops next week, on Nov 19th.

— Boba Network ($OMG) (@bobanetwork) November 12, 2021

Boba Network is a Layer 2 solution for the Ethereum blockchain based on Optimistic rollups. The project’s creator is the Enya team — one of the main participants in the OMG Foundation. Holders of BOBA tokens will be able to submit and vote on proposals within the framework of the Boba DAO.

Enya announced the BOBA airdrop on September 20. OMG holders on the Ethereum and Boba Network chains could participate, and it was supported by major crypto exchanges such as Binance and FTX.

At the time of the announcement, OMG traded at around $9.8. The excitement around the airdrop drove the asset price higher, accompanied by notable spikes in quotes. For example, on October 3 the token rose by 21%, and on November 4 by 25%. At its peak the asset traded above $20.

Within an hour of the snapshot, OMG’s price fell 25%, though the gradual decline had begun earlier—in the evening of November 11. At the time of writing, the token was trading near $12.8.

The sharp decline in OMG quotes was entirely predictable, as investors typically lock in profits soon after a snapshot. Earlier, XRP fell to a two-week low amid the forthcoming Flare Network airdrop.

Back in December 2020, Genesis Block Ventures acquired the OMG Network developers.

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