The cryptocurrency market has been marked by fluctuations in recent months, and Omega Network’s OMN token is no exception. Months after its highly-anticipated mainnet launch, the OMN token has witnessed a substantial decline in price, causing concern among investors.
As of the time of writing this report, the price of the OMN token stands at $0.004, representing an alarming -8.4% fall. This decline in value has raised questions about the factors influencing OMN’s performance in the market.
The current market conditions for Omega Network’s OMN token reveal a challenging landscape. The token is priced at $0.00500050 with a 24-hour trading volume of $178,217.13. Unfortunately, this reflects a significant -7.51% price decline over the past 24 hours and an even more substantial -12.55% price decline over the past 7 days.
With a circulating supply of 62 million OMN tokens, Omega Network currently holds a market capitalization of $306,630. These figures emphasize the need for a closer examination of the OMN token’s market performance.
Where to Buy OmegaNetwork (OMN)
For those interested in trading OMN tokens, several options are available on centralized cryptocurrency exchanges. One of the most prominent exchanges for buying and trading OmegaNetwork is OKX. The most active trading pair on OKX is OMN/USDT, boasting a trading volume of $28,259.38 in the last 24 hours. Other popular choices for OMN trading include BitMart and KuCoin.
OMN’s trading volume is a critical metric to consider. Currently standing at $178,217 in the last 24 hours, it reflects a 9.90% increase from just a day ago. This uptick in trading activity suggests a recent surge in market interest.
Historical Highs and Lows
For those tracking the OMN token’s performance, it’s essential to note that the all-time high for OmegaNetwork (OMN) reached $0.04857091, recorded on June 19, 2023, just three months ago. Comparatively, the current price is -89.78% lower than this peak.
Conversely, the all-time low for OmegaNetwork (OMN) was recorded at $0.00495585 on September 6, 2023, just 28 minutes ago. Currently, the OMN token price is 0.14% higher than this historic low.
Market Cap and Fully Diluted Valuation
OmegaNetwork (OMN) currently boasts a market capitalization of $306,630, positioning it at #2506 on CoinGecko’s ranking. Market cap is calculated by multiplying the token price by the circulating supply of OMN tokens (62 million tokens are currently tradable on the market).
The fully diluted valuation (FDV) of OmegaNetwork (OMN) is estimated at $4,814,435. This valuation represents a statistical assessment of the maximum market cap, assuming the full supply of 970 million OMN tokens is in circulation. However, it’s important to note that the realization of FDV may take several years, depending on OMN token emission schedules.
Performance Relative to Peers and Market Sentiment
In the last 7 days, OmegaNetwork (OMN) has experienced a price decline of -12.60%, underperforming the global cryptocurrency market, which is down -4.30%. This underperformance warrants close attention and further analysis.
Despite these challenges, the community sentiment surrounding OmegaNetwork (OMN) remains bullish, with over 57% of users expressing optimism about the token’s prospects today. This positive sentiment suggests that there is still hope for OMN’s recovery and growth in the market.
As the cryptocurrency market continues to evolve, Omega Network and its OMN token face both challenges and opportunities. Investors and enthusiasts will be closely monitoring developments to gauge the token’s resilience and potential for future growth. Continue Reading
Source: CoinGecko
