OMG Tanks Over 25% as Exchanges See Record Inflows After BOBA Airdrop snapshot

Posted on by American Coins & Gold

OMG Tanks Over 25% as Exchanges See Record Inflows After BOBA Airdrop snapshot
OMG, the native token of Layer-2 scaling protocol for Ethereum offering faster and cheaper transactions, crashed on Friday.The cryptocurrency fell 27% to $12.7 as exchange inflows spiked in what appeared to be a classic “sell the fact” reaction to Boba Network’s completion of a snapshot for an airdrop, or free BOBA coins, to OMG holders.OMG hit its lowest price since Oct. 28, and moving below the 50-day moving average (MA) support after 3.5 months, CoinDesk 20 data shows.Blockchain data shows investors transferred coins to exchanges in large numbers early today, possibly to liquidate holdings.Centralized exchanges registered a net inflow of…