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Wanted die or alive - After bitcoins, here are the OMGs that are disappearing. Would OmiseGo be coveted by large investors? The question seems legitimate. Within a few days, 20% of the offer available on trading platforms has disappeared.
OMG Network: the second layer of Ethereum
OmiseGo is a cryptocurrency that plays in the “trading intermediary” category. Particularly well established in Southeast Asia, the network underwent a major update last week by finally switching to V1. It was for the occasion renamed "OMG Network".
OMG is a so-called “second layer” network. It works on the Ethereum blockchain, but could serve as a secondary route for transactions, which will ultimately be resolved on Ethereum.
The huge disappearance of OMG on exchanges
Recently, I spotted a metric that was evolving in a very interesting way. This metric is the amount of bitcoins present on cryptocurrency exchanges.
I had fun replicating the analysis for various cryptocurrencies. The one that caught myattention the most was OMG:
In green is represented the quantity of OMG present on the exchanges, and in red the evolution of the price of OMG.
The correlation is striking: during the rise of the OMGUSD pair, a lot of OMG were withdrawn from the exchange platforms. In total, 20% of OMG’s available supply on exchanges has disappeared in nature.
Even more striking, from May 21 to 22, 6.5 million OMGs were withdrawn within 24 hours from exchanges, or more than 10% of the offer!
Could a big fish have taken a “ladle” of OMG? The question seems legitimate to us.
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