OMG price crashes by one third after BOBA airdrop snapshot

The price of OMG Network (OMG) has plunged 33% from a daily high of $19.35 down to around $13 immediately after completion of the snapshot for an airdrop from the Boba Network.

The snapshot of all wallets holding OMG tokens on the Ethereum network and the layer-two Boba Network took place at 12am UTC on Friday. OMG holders at the time of the snapshot will receive BOBA, the governance token for BobaDAO on Nov. 19.

Boba is an Optimistic Rollup layer-two solution that helps to scale Ethereum smart contracts, built by the Enya team as core contributors to the OMG Foundation. BOBA token holders will be eligible to submit and vote on proposals for Boba DAO.

Boba Network tweeted at 12:04am UTC that the snapshot occurred at Ethereum block 13597967, and on Boba Network block 15354.

Around ten minutes later the 100eyes Crypto Scanner account tweeted a “Bizarre activity alert” on the dramatic price plunge which may have been caused by OMG holders trying to get ahead of “sell the news” price action.

https://twitter.com/100eyesCrypto/status/1458951663423832067?ref_src=twsrc%5Etfw

Boba Network announced the airdrop on Sep. 20, when OMG was at about $9.50. The airdrop was part of a larger campaign to promote awareness of Boba Network launching its mainnet.

Related: Early Ethereum Name Service (ENS) adopters rewarded with a hefty five-figure airdrop

Since then, OMG has seen two significant price spikes between Sep. 29 and Oct. 5 to $16.76, and again more recently on Nov. 5 to a nearly four-year high of $19.35. Analysts had anticipated higher price potential on OMG since the Boba announcement due to the high amount of interest in the airdrop.

Top-10 crypto exchanges including Binance, Crypto.com, Huobi, Gate.io, Bitfinex, Binance.US, and FTX are supporting the BOBA airdrop for its users.

OMG price has been on a slow upward grind since July 21 of this year when price bottomed out at a four-year low of $3.21, according to Coingecko.