OmiseGo (OMG) Crypto Pulls Back Sharply After The Big Jump

In the middle of the strong rally in the crypto space over the course of the past week, there were many new coins that emerged as significant winners and one of those was OmiseGo (OMG).

However, the situation changed quite dramatically on Monday as it suffered from a significant selloff and ended up with a decline of as much as 40% as a consequence. In the previous week, OMG had garnered a lot of attention from investors as it ended up as one of the major gainers in the crypto market.

In this regard, it is important for investors to figure out why the OMG token suffered such a sharp decline. The token had initially rallied strongly after it emerged that there was going to be a major airdrop. That saw the token rallying hard and eventually hitting a high of as much as $20.

That being said, it seems that traders soon decided to exit the token and that was possibly the reason behind the dramatic decline. It is now going to be interesting to see if OMG continues in this downward spiral in the coming hours or not.