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OMG Network Token Soars More Than 90 Percent, Surpasses Bitcoin on Coinbase. What's Behind This Pump?

The OMG network token soars more than 90 percent

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The native token of the OMG Network (OMG) has truly lived up to its name by soaring more than 90 percent over the last 24 hours, according to CoinMarketCap data.

The cryptocurrency now occupies 24th place by market capitalization, surpassing Dash (DASH), Ethereum Classic (ETC) and Zcash (ZEC).

OMG
Image by coinmarketcap.com

OMG dwarfs Bitcoin's volume on Coinbase Pro

Over the past few days, the token rallied 257 percent (from $2.65 on Aug. 19 to a local high of $9.49 on Aug. 21).

OMG Network completely dwarfed Bitcoin's daily trading volume on Coinbase Pro, outperforming the king by nearly four times ($360 mln and $111 mln, respectively).

This is reminiscent of how Chainlink (LINK) surpassed Bitcoin in terms of volume on both Coinbase Pro and Binance on Aug. 10. 

OMG, however, is only in fifth place on Binance, and its global trading volume is significantly smaller than that of Bitcoin and Ethereum.

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Tether integrates OMG Network

As reported by CryptoComes, OMG ripped higher earlier this week after Tether, the biggest stablecoin issuer, launch the eighth version of USDT on the OMG Network on Aug. 19.

OMG Network (previously known as OmiseGo) is an alternative Layer-2 solution for the Ethereum blockchain that is meant to make transactions much faster and cheaper.

The ERC-20 version of Tether accounts for the lion's share of the coin's supply, but the second-largest blockchain is currently plagued by high congestion and exorbitant fees. Timely integration with the OMG Network will result in a reduction of confirmation times, according to Tether's blog post:

The integration will result in a reduction of confirmation times delivering faster payments while fees will be reduced without compromising on-chain security.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.