OmiseGo was developed to make the ETH network attractive for more high-value use cases that require faster and cheaper transactions. But the OmiseGo value is all about the funding and support the project has been able to gain in the past few years from venture capitalists and other supporters.
How does OmiseGo work? It is not that simple to understand because it is built with a plasma-based sidechain which is a novel scaling solution for ETH. But what’s more important to know is that the network relies on its main utility token, OMG. This token has several uses, such as a payment method on this network. In the future, the OMG token will be staking-friendly so holders can choose to secure the OMG network and be rewarded for it.
Due to all these aspects, the team claims that it has the potential to take Ethereum’s transaction speed to thousands. It works like a decentralized Ripple and global remittance bridge at the same time.
OMG meaning the OMG network’s utility token is based on the ERC-20 token standard. This also means that OMG solves the problem of legacy financial networks. OMG was created to make decentralized wallet development accessible and easy so that people can send funds across networks quickly. The platform became asset-agnostic and thus opened its financial services to all OMG users and developers.
OMG price has always been unpredictable of sorts, but to be an affordable network for transferring ETH and ERC-20 tokens, it has never gone above $28. The first time the OMG token caught investors’ eye was in 2021, when we saw a steady rally in the price of OmiseGo. OMG was priced at only $0.43, but at the time of writing, it has reached the 55th rank as one of the largest cryptos by market capitalization.
To understand the current OmiseGo price, we need to understand how it reached this point. As a cryptocurrency listed on various CEXs and DEXs the OMG token has seen both ups and downs since 2017. Below are a few factors that determine OmiseGo tokens:
When the broader crypto market is slowing down globally, there is no way that the top altcoins won’t reflect its effects.
In those dire times when Bitcoin seems to be in a free fall, OMG prices won’t hold.
News has either a positive or negative effect on OmiseGo token prices. Whether it is a network attack or a mainnet launch, news has the ability to change the game for good or bad.
These are just a few reasons why one should test the waters and determine how much is one OmiseGo before buying or selling it.
OmiseGo price today is far from satisfactory, according to the leading crypto price monitoring websites. At the time of writing, the OmiseGo price live has gone below $0.66 with a downtrend of 2.86%. But on the bright side, the total return on investment for the OMG token is up by 23%. Apart from this, the OMG token has not been frequently exchanging hands, which is why the total trading volume is down to only $10.3 million.
Keeping these statistics in mind, an interested buyer or seller can easily decide whether to proceed with OMG Network or not.