OMG Network is a Layer 2 scaling solution for asset transfers on Ethereum. Yesterday, it made an announcement of Tether adopting its ETH (Ethereum) scaling solution.
Vansa Chatikavanij, CEO of OMG Network, announced that they are delighted to address some fundamental issues and provide momentum to the future growth while adopting open financial services, with the launch of Tether on the OMG network.
Once again, the prices of OMG Network soared higher yesterday after the announcement of Tether (USDT) to support stablecoin transfers on the network. This integration between the two will help in reducing the confirmation times and delivering swift payments at a reduced fee, said a spokesperson of Tether Inc. Currently, Tether is the 3rd largest cryptocurrency with a market capitalization of USD 13.1 billion. Many traders favor this token.
As per the announcement, Tether that is already live on the OMG value transfer layer will enable reduced congestion while scaling OMG’s solution to deliver cheap and fast transactions. There are zero compromises on the on-chain security under this scaling approach.
Undoubtedly, this announcement has made a positive impact on OMG prices, now splurging over 60%. In the previous week, the value of the OMG network was growing at a doubling rate. And, this splurge after the announcement turns out to be a significant gain in the previous worth.
Now, when there is a bullish price action for OMG Network, some on-chain metrics are predicting a price drop. According to the experts, OmiseGO related mentions have surged over 14 times in the past few weeks on multiple social media platforms. This has allowed the OMG network to get listed on the #1 position in the Emerging Trends list of Santiment.
According to the head of SEO and content of Santiment, Dino Ibisbegovic, if any cryptocurrency sustains a position amongst the top 3 listings, it is set to drop prices within two weeks, approximately by 8%. Thus, a splurge in the audience’s favorability always indicates a short-time price hike.