- Tether announced it has integrated Tether into OMG’s scaling solution to deliver faster and cheaper transactions
- Following the announcement, the price of OMG surged over 60%, adding to the significant gains posted in the past week
- Despite the recent bullish price action, multiple on-chain metrics suggest that the uptrend is reaching exhaustion
Share this article
OMG Network puts its Layer-2 scaling solution to work after a new partnership with Tether. Speculators saw this as a reason to go all-in, causing prices to soar.
Enabling Faster and Cheaper Transactions
OMG Network, previously known as OmiseGo, made headlines following dramatic price action this past week. Over the last 7-days, OMG prices more than tripled, hitting a new yearly high of just under $6.
The sudden spike in demand for OmiseGo seems to be fueled by increased usage of its Layer-2 scaling solution for the Ethereum protocol. Tether, the largest stablecoin by market capitalization, recently announced that USDt was live on OMG Network.
The integration is expected to help ease the congestion on Ethereum’s blockchain and provide cheaper and faster transactions for users of the stablecoin.
“Today, we’re excited to announce the launch of Tether on the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum. We’re delighted to address these fundamental issues and drive further growth and adoption of open financial services,” said Vansa Chatikavanij, CEO at OMG Network.
The announcement combined with hot market action means that speculators are pouring into this ERC-20 token to get in on the buying frenzy.
OmiseGo Social Engagement Metrics Explode
Data shows that the number of OMG-related mentions on different social media networks surged over 14x in the past two days. The rising chatter around the token allowed it to move to the number one spot on Santiment’s Emerging Trends list.
Increased attention is…