• Thu. Apr 25th, 2024

Are OMG Network Coins Worth Buying?



Nov 12, 2021

If you’re even somewhat invested in the crypto market, you’re probably aware of the biggest crypto trends. However, there are some things that not even big fans tend to notice, such as the recent popularity of OMG Network Coins. Recently, they surged to an all-time high price of $18.90. This happened on Thursday morning when the price went up by more than 17 percent in just one day. This is according to data by CoinDesk.com.

But before we get into all the other complex details, let’s figure out if it’s even worth investing in. The rise of this new cryptocurrency is based on a promise, which is an interesting idea. It says that on Friday, OMG network owners would receive a new crypto token. According to the network, they can stake the token for rewards on the Boba Network.

But more generally, crypto investors are rather positive of OMG’s approach towards building a new network. This will be a next-gen Ethereum Layer 2 Optimistic Rollup Scaling strategy. It aims to decrease gas fees, enhance the ability of smart contracts, and level up the transaction throughput. If we convert that to simple terms, this means a cheaper and faster way of moving cryptocurrency around securely.

Another attractive aspect of cryptocurrency is that OMG coins have a maximum supply just like Bitcoin. Currently, there is a maximum supply of OMG coins currently in circulation, limited to just 140,245,399.

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Peter Theil, the PayPal co-founder and investor, stated last week that cryptocurrencies having limited supplies can be essential to their long-term prospects.  That’s because coins with a shorter supply can retain their value in an inflationary market.

But regardless of these things, it doesn’t make OMG coins a particularly great cryptocurrency to buy. According to data by CoinDesk, over the last day, the volume of OMG tokens that were traded almost amounted to the number of them in circulation.

Based on their current price, OMG holds a market cap of around $2.65 billion. However, a whopping $2.49 of that overall value was exchanged for something else since yesterday. It means that in just one day, just about every crypto holder with OMG in their wallet sold their tokens to someone else.

In one way, this data shows that these coins are quite popular as a way to trade for chasing momentum. The higher trading volumes can also show how easy it is to transfer the coin, which means access. But if we were to compare its performance to some of the other bigger cryptocurrencies, it’s easy to see how it’s not the same thing. Take Bitcoin for example. While both of them have a limited number of tokens in circulation, there are various differences in utility.


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