Omni Network’s token price has halved just 18 hours after its test net users and some NFT holders were airdropped the token.
The Omni Network’s ERC-20 token OMNI dropped over 55% nearly 18 hours after its airdrop, shaving off over half its market capitalization.aiming to connect Ethereum rollups doled 3 million OMNI — 3% of its 100 million token supply — to its community contributors on April 17, starting at 11 am UTC. OMNI, market cap was $560 million.
Within half an hour, OMNI dropped nearly 30% from $53.80 to under $39 and has continued to slide to around $24 — an over 55% drop.The airdrop saw early testnet users, builders and community participants get 50% — 1.5 million OMNI — of the latest airdrop, worth about $36.2 million. Eligibility was determined via a snapshot on April 3.on April 15 that 9.27 million OMNI — 9.27% of the total supply — was being set aside as public launch tokens used for “launch pools and liquidity.
Investors’ tokens were on a three-year unlock schedule, with nearly 6.7 million tokens — worth almost $161 million today — to come after 12 months, with the rest unlocking every six months until their allocation is exhausted.that a fake token dropped 100% after the deploying smart contract dumped over 1.7 quadrillion tokens for 132 Wrapped Ether .