- The price value of OMG token has surged nearly 40% within a week.
- The network launched Boba Network as Ethereum’s Newest Layer 2 recently.
- Following the launch, the price of OMG might have risen.
In the midst of leading cryptocurrencies displaying bearish trends, some altcoins are presenting bullish trends. The crypto market has evolved from scratch to a high level with lots of upgrades and additional features. Besides, many crypto networks have put efforts to expand their network with developments and partnerships.
The blockchain network with smart contract functionality has piqued the interest of investors. Many advanced networks facilitate the use of smart contracts and provide users with more features. Similarly, one such network which gives constant updates to users is the OMG network which has surged to nearly 40% within a week.
OMG Network is a Layer-2 scaling solution that boosts Ethereum’s transactional throughput. The OMG Network can process thousands of transactions per second and can cut Ethereum operating costs by one-third.
Current Market Status
At the time of writing, the trading price of OMG is $13.35 with a trading volume of $2,392,704,695 in the past 24-hours. According to Coinmarketcap, the price value of OMG has risen to 39.92% within a week. The current circulating supply of OMG coins is 140,245,398 and holds 59th rank.
The chart depicts the bullish signal for the past week. The price value of OMG has surged from $10.79 to $13.35 within 7 days and it is 23% up in the last 24-hours. Moreover, the price of OMG is 48% lower than its all-time high. The top exchanges where OMG can be traded are Binance, Huobi Global, Mandala Exchange, OKEx, and FTX.
However, following the launch of Boba Network as Ethereum’s Newest Layer 2 which would act as the scaling solution. It provides low gas fees, improves transaction throughput, and extends the capabilities of smart contracts.
Considering the updates, the new launch of the Boba network might be the reason for the price surge. Moreover, with the ongoing developments and updates, users expect more highs in the price of OMG. Besides, OMG token holders had their sweet spot but if this trend continues it may reach a new ATH.