After being airdropped to test net users and some NFT holders, the price of Omni Network’s token has already dropped by half in just eighteen hours. Almost eighteen hours after its airdrop, the Omni Network‘s ERC-20 token had a 55% decline that removed more than half of its market valuation. In the meantime, the price of a bogus token bearing the identical name has just been “rug pulled,” plunging 100%.
Early Users Receive $1.5M OMNI Valued At $36.2M
On April 17, beginning at 11 am UTC, the layer-1 test net blockchain that aims to link Ethereum rollups distributed 3 million, or 3% of its 100 million token supply, to its community participants. OMNI has a $560 million market valuation. In less than 30 minutes, OMNI fell about 30% from $53.80 to less than $39 and has now plunged to about $24, a decrease of more than 55%.
According to CoinGecko, its fully diluted valuation is around $2.57 billion, based on its current market capitalization of $267.5 million. Early test net users, builders, and community members received 50% of the most recent airdrop, or 1.5 million, valued at around $36.2 million. On April 3, eligibility was ascertained by a snapshot. The leftover tokens were distributed in different ways to nonfungible token projects like Pudgy Penguins and EigenLayer retakers. 9.27 million, or 9.27% of the total supply, were set aside as public launch tokens by the Network on April 15 and will be used for “launch pools and liquidity.”
