Are the surges in some altcoins that we have been seeing in recent weeks heralding a new bullrun in the crypto market? In any case, we no longer stop the euphoria on OMG, the token of the OMG Network (formerly OmiseGo). The secret of this pump ? It can probably fit into one word: DeFi.
From under $ 1 up to $ 10 today!
The draft crypto OMG Network has just experienced a takeoff " To The Moon " this August 21.
Its OMG token , an ERC20 token on a second layer Ethereum network, has gone from a listing of less than $ 1 barely 3 months ago, to $ 10 today. A nice increase of + 900% therefore!
An exponential acceleration even occurred on the night of Thursday to Friday, briefly raising the OMG from $ 5.50 to this new (higher) ATH of $ 10. That's almost 90% increase in just a few hours .
At the time of writing, however, speculative madness around the OMG seems to be subsiding a little, as the price has returned to around $ 6.30 .
OMG price against the US dollar on Coinbase - Source: TradingView, daily candles
After the madness of ICOs, the madness of DeFi?
Decrypt reminds us that on June 1 , the initial announcement of the integration of Tether 's USDT into the OMG Network resulted in only a very modest + 20% on the OMG price. A small increase which had also been lost again in less than 10 days.
If this same news has created such enthusiasm in recent days, it is because since the beginning of June, a big change has taken place on the Ethereum network ... The current fashion of the cryptosphere for decentralized finance (DeFi) seems to be largely the engine of the recent gigantic leap of the OMG token.
The technical analysis indicators such as the RSI ( Relative Strength Index ), may well have indicated a strong overbought OMG from yesterday, less experienced speculators have been taken by the new fever DeFi . As stated above, at the time of writing, however, prices seem to be coming to their senses a little .
Cryptosphere investors are warned: anything that touches or directly or indirectly facilitates DeFi risks experiencing such FOMO ( Fear of missing out ) movements. As in the days of ICOs, I want to say “watch out for the fall”, but that shouldn't prevent us from taking advantage of these beautiful climbs!
Please feel free to subscribe to CryptoPlanet360 on Youtube to get the latest videos about Crypto projects and Blockchain
Subscribe here: https://bit.ly/2NSkrOU