San Francisco-based cryptocurrency change Coinbase began supporting buying and selling with OmiseGo (OMG) on Could 21, 2020.
The OMG token worth surged 200% in solely 15 minutes after the itemizing, nonetheless, it then crashed instantly. OMG is buying and selling at $1.88 on the time of writing, down 5.44% up to now 24 hours. The digital asset presently has a market cap of round $264 million.
OMG’s latest pump and dump has additionally led to accusations of insider buying and selling.
On Could 21, 2020, Coinbase noted by way of Twitter:
“OmiseGO (OMG) is launching at http://Coinbase.com and within the iOS and Android apps throughout the subsequent 15 minutes.”
OMG traded at a major premium on its first day on Coinbase.com. The premium reportedly reached 82% on five-minute closing costs.
Matt Casto, a analysis analyst at digital asset buying and selling group CMT Digital, mentioned that the OMG itemizing and the value pump was “ridiculous.” Casto added that the premium had created “new lifetime bagholders.”
The OMG token worth surged as a lot as 200% throughout one 15-minute interval, however then the altcoin’s worth dropped sharply.
Different altcoins (various cash) have additionally skilled related points after they have been first listed on Coinbase.
As an example, the Bitcoin Money (BCH) worth started growing dramatically even earlier than the change had made any public announcement relating to itemizing the Bitcoin (BTC) fork. This additionally led to accusations of insider buying and selling. An investigation was performed by Coinbase’s administration, nonetheless, they claimed that they couldn’t discover any proof of manipulation or foul play.
As confirmed by market commentators, the OMG worth additionally started surging a number of days earlier than Coinbase formally confirmed it was itemizing the token.
As reported by Cointelegraph, Twitter consumer Crypto Pilot requested (tweet has now been deleted):
“When will accountability be held? Inform me it’s simply coincidence or is it insider buying and selling. OMG goes dwell on Coinbase on Could 21, however for some unknown purpose it began a 65% rise on Could 14, 7 days in the past.”
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