Omni Network Price Prediction: Is $100 Within Reach Amid Airdrop Sell-Off?

Omni network price prediction: OMNI addresses the issue of divided Ethereum rollups by offering a platform where developers can create applications with global reach. It leverages Ethereum’s security through EigenLayer re-staking. Omni Network’s value has dipped due to a prolonged market downturn.

Omni Network Price Prediction: Will OMNI Reclaim Its Peak?

Omni Network price is currently experiencing a significant fluctuation. Over the past day, the value plummeted by a substantial 44.57%.  Following its airdrop event, the value of Omni Network, a primary blockchain layer, experienced a steep decline, shedding over half of its market worth. In the previous day’s trading, the OMNI token hit an all-time high of $54.24 before experiencing a significant pullback.

Omni Network, a Layer-1 blockchain, launched on April 17th. During this launch, an airdrop distributed 3 million OMNI tokens, representing 3% of the company’s 100 million token supply. At the time of the airdrop, OMNI’s market valuation reached $560 million. This strategic distribution aimed at rewarding eligible participants highlights Omni Network’s robust entry into the crypto market.

The market capitalization mirrors this decline, having also dropped by the same percentage to a current figure of approximately $263 million. In stark contrast, trading activity surged, with volume skyrocketing by 629%, indicating a sudden spike in investor transactions. This puts the trading volume at over $538 million. 

Despite the price decrease, Omni Network maintains a circulating supply of over 10 million OMNI tokens. This represents 10.39% of the total possible supply. The cryptocurrency has a set total and maximum supply of 100 million OMNI tokens. As for the fully diluted market capitalization, it stands at around $2.5 billion.

Future Outlook: Potential Rebounds and Key Levels for OMNI

Omni Network emphasized its Ethereum alignment by restaking instead of the lavish burns common in the sector. On April 18th, their contract consumed more gas than Uniswap’s router, highlighting this method’s impact. Clique and Omni adapted their reward system to manage demand efficiently, ensuring smooth and economical transactions for their community.

Omni demonstrates Ethereum alignment through restaking

Others prefer demonstrating their alignment by burning a lambo worth of $ETH https://t.co/9RjMknQSSV

— Omni Network (@OmniFDN) April 17, 2024

If the bullish momentum makes a comeback, Omni Network could retest the $54.24 high, and continue to reach $100.

If it breaks past this point, further gains could affirm a strong recovery trend, reinstating confidence among investors and driving the price upward toward $100 levels. 

However, if bearish sentiment persists, the $23.30 support level may come under pressure, potentially leading to further downside movement.

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