- Omni Network token (OMNI) dropped over 55% within 18 hours after its airdrop to testnet users and NFT holders
- A fake token using the same ticker name ‘OMNI’ was rug pulled, with its deployers exit scamming for $132,000 worth of Wrapped Ether
- Omni Network had allocated 3% of its 100 million token supply for the airdrop, with the largest chunks reserved for ecosystem development (29.5%) and investors/advisors (23.3%)
Omni Network’s native token OMNI plunged in value shortly after its airdrop to testnet users. Meanwhile, a fake token with the same ticker pulled off an exit scam right after.
The Airdrop That Preceded OMNI’s Massive Selloff
The layer-1 blockchain Omni Network, which aims to connect Ethereum rollups, distributed 3 million OMNI tokens (3% of its total supply) to community members on April 17. The airdrop went to early testnet users, builders, and other contributors.
Within 30 minutes of the airdrop, OMNI’s price sank nearly 30% from $53.80 to under $39.0. Over the next 16 hours, it continued falling to around $24 – a 55% decline from its post-airdrop peak.
OMNI’s current market cap stands at $267.5 million, giving it a fully diluted valuation of about $2.57 billion.
The Fake OMNI Token’s Brazen Rug Pull
Shortly after the real OMNI token’s airdrop and subsequent selloff, the creators of a fake token with the same ticker pulled a $398,000 exit scam.
They airdropped over 17 quadrillion tokens, causing the fake token’s price to immediately crash 100%. The scammers then dumped the tokens to pocket 132 Wrapped Ether (WETH), worth around $398,000.
The rug pull highlights the risks of buying into new tokens, especially ones with names designed to confuse traders.
