OmiseGo (OMG) Surging By Double Digits In The Markets

OmiseGo (OMG) Surging By Double Digits In The Markets 13

Scrolling down the cryptocurrency markets on coinmarketcap.com, one cannot fail to notice that most of the coins and tokens are in the red. Bitcoin (BTC) has retreated below the $9,000 value and is trading at $8,785. Ethereum (ETH) is still above $600 and at $626. Ripple (XRP) is having a hard time reaching the much anticipated $1 mark and is currently trading at $0.798. An exception of this trend is OmiseGO (OMG). The token is currently priced at $19.68 and has surged an impressive 18.54% in 24 hours.

So what is causing the surge in OmiseGo (OMG)?

South Korea’s biggest exchange, Bithumb, announced that it was integrating the token onto its platform. The announcement by the popular exchange was done on April 25th via Twitter.

In the tweet by the official Bithumb twitter handle, the following was announced with enthusiasm:

We’re listing Omisego(OMG) and Kyber Network(KNC) on Bithumb today!*Estimated listing time: around 6:00 pm (KST)

The time zone is Korean Standard Time: what is UTC + 9.

Earlier on the same Wednesday, 25th April, OmiseGo was trading at 7 cents shy of $15. It has since reached levels of almost $22 today. This is a cool 47% gain in less than 24 hours. Its price has since dropped to current levels of $19.68. History proves that whenever a token or coin is listed in a South Korean exchange, the action might continue for a while. Therefore, we could be seeing more values above $20 headed into the weekend.

What is OmiseGo (OMG)

OmiseGO enables financial inclusion and interchangeability through the public, decentralized OMG network. According to the project’s whitepaper, OMG is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. It will not be owned by a single party but will be an open distributed network of validators who will enforce behavior of all participants.

The above description is in line 100% in line with the concept of decentralization on the blockchain. OMG is sure to be a force to reckon with in the Crypto-verse if already it is not. Long term HODLers of the token are smiling right about now.

[Photo source, medium.com]