- OMNI token price drops by over 55% after releasing 3 million tokens to community members.
- A counterfeit token under the same OMNI name plummeted 100% due to a rug pull scam.
- Omni Network allocated a significant portion of its tokens for ecosystem development and investor schedules.
Following a significant airdrop, Omni Network’s OMNI token experienced a drastic drop in market value, decreasing by over 55% within 18 hours of distribution. This steep decline saw the token’s market capitalization cut in half from an initial $560 million to $267.5 million, according to tracking by the official site.
Initial Impact of Airdrop
The airdrop event occurred on April 17, distributing 3% of OMNI’s total supply—equivalent to 3 million tokens—to its early testers and community contributors. Despite the initial enthusiasm, the token’s price swiftly fell from its peak of $53.80 to below $39 within the first 30 minutes, and continued to decline to approximately $24.
Fraudulent Activity and Future Plans
Compounding the token’s challenges, a fraudulent token using the same OMNI name was involved in a “rug pull” scam, collapsing entirely shortly after its own distribution. Meanwhile, Omni Network has disclosed that it has reserved a larger portion of its tokens for future ecosystem development and strategic initiatives, with 29.5% of the supply allocated to this purpose.
Moreover, Omni Network advisors received significant token grants, and investors are tied into a structured three-year release plan, indicating long-term confidence from backers despite short-term market reactions. This strategic distribution underscores the network’s commitment to fostering a robust and enduring ecosystem.
