Why the Value of OMG Crypto Tokens Has Fallen 40% Today
One of the top-performing cryptocurrencies this past week, OmiseGo (CRYPTO: OMG) has generated a tremendous amount of attention. However, this token has also seen tremendous downside today, down more than 10% from Friday's close.
It appears investors in this layer 2 network have taken a "buy the rumor, sell the news" approach to this cryptocurrency. Following the announcement of a high-profile airdrop (where free tokens are given out to holders of a particular cryptocurrency), OMG tokens spiked last week to approximately $20 per token. At the start of the week, OMG tokens traded for around $15 per token.
However, the selling -- which started on Friday and continued through Monday morning -- has reduced the token's value by more than 40%. Given its extremely high trading volume in recent days, traders appear to have moved onto the next momentum move.
Source Fool.com
