OMG coin price prediction: Will it go up?
OMG coin has been stuck in a largely bearish trend so far in 2022. What’s next for the coin?
In this prediction
- The OMG Network
- From the OMG Network whitepaper
- OMG coin and how it works
- The story so far
- What might happen
The OMG coin is the native crypto token of the OMG Network (OMG). Can we make an OMG coin price prediction? What is the OMG coin price prediction for 2022 and beyond?
Before we come to that, let’s see what the crypto is all about.
The OMG Network
One of the most significant developments on the internet over the past 20 years is the rise of digital payment platforms. Rather than paying directly through a debit or credit card, you can use one of the many platforms available to transfer cash for payments. But while it is usually relatively easy to make payments via such platforms, it can be difficult to transfer money from one platform to another.
This is where the OmiseGO system came in. In 2015, Thai payments processor Omise set up the Omise Blockchain Lab to find out whether it could use blockchain to help process payments.
OmiseGO was launched in 2017, running its native cryptocurrency, the OMG coin. It was funded by a sale of 65% of the OMG coin supply, which raised $25m. On 1 June 2020, OmiseGO was rebranded as the OMG Network.
The OMG Network is based on Ethereum. It uses a proof-of-stake (PoS) blockchain, designed to clear and settle the movement of assets between wallets without them having to trust each other. It has a built-in trading engine that lets wallet providers make orders, which can then be matched with other providers.
The network uses a modified version of the Plasma system, allowing users to transfer ERC-20 tokens and ETH faster and cheaper than when working on the Ethereum network itself. This allows it to process thousands of transactions a second, as opposed to between 10 and 14 on the Ethereum network at present, though that will change with the launch of Ethereum 2.0, which will be many times faster.
From the OMG Network whitepaper
The initial whitepaper summed up OmiseGO, now the OMG Network, as a “decentralised exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway” that is not owned by any single party. Instead, it is an open distributed network of validators that enforce the behaviour of all participants.
The document states: “We are building a blockchain which hooks into other blockchains to allow for trading across token/asset classes, largely backed by ether. From the perspective of any individual chain, we are building a scalable blockchain whose contract state is bonded by the activities of the OMG chain itself.”
OMG coin and how it works
OMG coin is the OMG Network’s native token. It is based on the Ethereum protocol. If someone wants to do something on the network, they have to pay with OMG coins.
There is a total supply of 140,245,398.25 OMG coins, of which 100% are in circulation, according to CoinMarketCap.
Let’s look at the price history. While past performance is no indicator of future results, and should not be used as the ultimate basis of an OMG Network price prediction, it is still worth looking at.
The story so far
OMG coin launched in July 2017 at around $0.32. It became pretty popular and by early September it had broken the $11 barrier – a rise of around 3,337% in less than two months. The price then fluctuated a little until the crypto boom of early 2018 saw its value skyrocket.
On 8 January 2018, OMG hit its all-time high of $28.35 – a rise of more than 8,750% from its launch six months earlier. A big fall followed the boom, and by the end of 2018 the coin was down to $1.421, a loss of almost 95% from nearly a year earlier. OMG could not maintain that price and fell below $0.60 by mid-December 2019. It then started to rise.
The end of 2020 and start of 2021 were marked by a boom in the cryptocurrency market and OMG coin was a beneficiary. It rallied to $6.4138 in August 2020 as a rebrand took effect, closing the year at $2.4336. The start of 2021 was a key time as it topped its August 2020 position in mid-February 2021 and broke the $10 barrier on 16 April.
It then shot up to $14.86 on 7 May 2021 before crashing to $3.7905 on 23 May, a fall of just under 75% in a little over two weeks. It then hit a low of $3.20 on 21 July. The token saw highs of $9.12 again in November, but still nowhere near the token’s all-time high in 2018.
On 12 November 2021, OMG’s value tanked by more than 25% as numerous crypto centralised exchanges saw a huge net inflow of 5.7 million OMG tokens. This appears to be a classic “buy the rumour, sell the fact” reaction to Boba Network’s completion of a snapshot for an airdrop – or free BOBA coins – to OMG holders. OMG had witnessed a rally earlier in November after the BOBA Token Airdrop announced its presence on the top 10 crypto exchanges.
Further steep declines were seen over the course of December 2021 and January 2022. From its peak in late November 2021, by 24 January 2022, the coin closed the day at $4.12, a 78.45% drop in value.
Towards the beginning of the second quarter of 2022, things seemed to marginally improve for the OMG coin. On 1 March, the token was trading at around $4.38, and it closed the month at a daily high of $6.06, roughly in line with the broader crypto market’s fleeting signs of recovery.
However, the coin posted steep losses in April, May and June. Flash crashes in the second quarter of 2022 saw the token trading down by over 93% from the all-time high recorded four years ago, and down almost 70% over the past 12 months.
However, by 22 August and at the time of writing, the token was trading at $1.86.
OMG/USD price history
|Oct 2, 2022||1.7087||0.0030||0.18%||1.7057||1.7117||1.6997|
|Oct 1, 2022||1.7067||-0.0129||-0.75%||1.7196||1.7356||1.6997|
|Sep 30, 2022||1.7206||0.0000||0.00%||1.7206||1.7575||1.6967|
|Sep 29, 2022||1.7196||0.0040||0.23%||1.7156||1.7346||1.6727|
|Sep 28, 2022||1.7156||0.0069||0.40%||1.7087||1.7256||1.6398|
|Sep 27, 2022||1.7087||-0.0010||-0.06%||1.7097||1.8403||1.6837|
|Sep 26, 2022||1.7107||0.0200||1.18%||1.6907||1.7166||1.6468|
|Sep 25, 2022||1.6917||-0.0299||-1.74%||1.7216||1.7615||1.6698|
|Sep 24, 2022||1.7216||-0.0399||-2.27%||1.7615||1.7925||1.7127|
|Sep 23, 2022||1.7615||0.0020||0.11%||1.7595||1.7994||1.6817|
|Sep 22, 2022||1.7366||0.0988||6.03%||1.6378||1.7755||1.6328|
|Sep 21, 2022||1.6378||-0.0429||-2.55%||1.6807||1.7815||1.6079|
|Sep 20, 2022||1.6817||-0.0190||-1.12%||1.7007||1.7326||1.6578|
|Sep 19, 2022||1.7017||0.0319||1.91%||1.6698||1.7166||1.6239|
|Sep 18, 2022||1.6708||-0.1546||-8.47%||1.8254||1.8294||1.6289|
|Sep 17, 2022||1.8254||0.0639||3.63%||1.7615||1.8264||1.7486|
|Sep 16, 2022||1.7605||0.0319||1.85%||1.7286||1.7695||1.6957|
|Sep 15, 2022||1.7306||-0.0708||-3.93%||1.8014||1.8433||1.7136|
|Sep 14, 2022||1.8044||0.0309||1.74%||1.7735||1.8164||1.7595|
|Sep 13, 2022||1.7745||-0.1935||-9.83%||1.9680||1.9999||1.7725|
Can we make an OMG crypto price prediction for 2022 and further into the future? Let’s see what people are saying.
What might happen
PricePrediction.net forecasts growth for the token, suggesting a maximum value of $2.53 in September 2022, and $2.63 towards the end of the year. The site predicts an average value of $3.98 in 2023 and $6.01 in 2024. The OMG coin price prediction for 2025 sits at $8.91, and forecasts further development, with OMG expected to hit $57.67 in 2030.
DigitalCoinPrice also predicts growth. Its OMG Network price prediction for 2022 suggests the token could reach $2.67 in September and $2.78 in December. The site forecasts an average value for 2023 of $2.73, and $2.75 in 2024. In 2025, the coin could see more rapid developments, hitting $3.77 that year, but decreasing to $3.34 in 2026. The token is then expected to follow a year-on-year uptrend to an OMG coin price prediction for 2030 of $8.43.
WalletInvestor is more bearish and suggests a value of $0.16 in 12 months’ time, stating that OMG is a “bad long-term (one-year) investment”.
Is OMG coin a good investment?
It could be. However, cryptocurrencies are highly volatile, so caution is always advised.
Always remember to do your own research and never invest more money than you can afford to lose.
Will OMG coin go up?
It might. A lot of analysts suggest there will be a rise, but take any OMG coin prediction with a pinch of salt – predictions are not always accurate, and something unforeseen might affect the market. Remember that the value of your investments can go down as well as up.
How to buy OMG coin
If you are interested in buying OMG, it is available to trade on many exchanges. Just remember to do your research into the latest news and developments, and never invest more than you can afford to lose.