OmiseGo Prices Double! OmiseGo Prices double approaching overbought territory during a run that began on May 11th. Since May 11th, the prices have exploded up to 150% and there is a lot of hype around the cryptocurrency. Some believe it will continue to surge, but other indicators are warning of a correction.
$25 billion was wiped from the cryptocurrency market over the last two days with speculation about a 50 BTC transaction originally thought to have belonged by Satoshi Nakamoto fueling the bearish impulse.
The entire cryptocurrency market underwent a market-wide correction – OMG has managed to weather the storm. OMG is up 35% since the sell-off began.
Coinbase Pro announced that it would list OMG on its retail platform and ever since, the ERC-20 token has done nothing but shoot up. Over the past 24 hours, OMG has seen nearly 3 million engagements and over 1,500 posts shared across many social media platforms. The party, however, may be over soon.
Whales that hold onto OmiseGo are currently dumping their holdings onto the market. More than 370 million tokens have changed hands in the past few hours. Luckily for OMG, there seems to be a massive amount of support at around $1.30 – it was here where more than 1,000 addresses bought over 7 million OMG tokens.
Emotions are clearly running hot around OmiseGo and the possibility of more upwards momentum should be ignored. A cautious trader should take profits from their long positions and or stay out of OMG until a clear signal emerges. Until then, risky opportunities abound!
Here’s what our own Kurt Wuckert Jr. has to say about OmiseGo.
“People may remember my long, hard criticism of Omisego. Since 2017, we have had a few successful trade signals, but the project has had a long history of broken promises. Coupled with years of broken promises from Vitalik and Ethereum, generally, I am of the opinion that OMG simply exists to be traded based on a rolling hype cycle about the possibility of people in Thailand buying cheeseburgers on Omise Corporation’s credit card readers using the perpetually beta ERC20 token.
With Ethereum about two years behind on its own roadmap, I will not be holding my breath for OMG or anything else to turn into something valuable in the real economy. It sure would be nice if anything in the Bitcoin economy would grow up though!”
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