Some very strange things are happening in the world of cryptocurrency as of late. Omni, the native token of the Omni Layer, has seen a massive price gain over the past 24 hours. In fact, its value more than tripled, for some unknown reason. This is great news for traders and speculators, albeit a lot of people chasing this “pump” stand to lose money from this development.
That seems to be the question everyone is asking themselves right now. It is not uncommon for alternative currencies and tokens to appreciate in value out of the blue. However, in the case of Omni, that value increased by just over 200% in the past 24 hours. No one is entirely sure what is going, especially when considering the 24-hour trading volume is almost on par with Omni’s total market cap.
Based on the latest blog post on the Omni Layer website, there is no specific reason for this sudden price gain. While it is true the team was present at Consensus, so were a lot of other project developers. There has also been no significant social media action regarding this price appreciation, other than the official Twitter account stating how “Omni is still undervalued”.
All things considered, this price appreciation seems to be a regular cryptocurrency pump. The trading volume of over US$38m is quite impressive, to say the least. This is especially true when considering Omni’s total market cap is just under US$48m. Right now, the value of each individual token hovers around the US$85 mark, although that value may continue to rise for a few more hours. Once the correction sets in, however, this price can easily collapse in quick succession.
No one will be surprised Poloniex is driving the vast majority of trading volume right now. The popular cryptocurrency exchange is known for handling a lot of trading volume. One thing worth noting is how the second-largest at Omni trading market right now is Bittrex, with under 4% of all of the trading volume. The price per Omni is much lower on the Omni DEX exchange as well, which values it at US$55.38. This discrepancy is quite disconcerting, to say the least.
For the time being, it appears the Omni price will continue to push toward the US$100 target. For most people, the use cases of this token remain a bit unclear, though. Just because its native value goes up doesn’t mean people will start using it. his price momentum has all of the signs of a clear cryptocurrency pump, although it is possible bigger things are going behind the scenes.
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