OMG coin price prediction: Will it go up?

In this prediction

• What might happen
• FAQs
• The OMG Network
• OMG coin and how it works
• The story so far

The OMG coin is the native crypto token of the OmiseGO (OMG) Network. Can we make an OMG coin price prediction? What is the OMG coin price prediction for 2022 and beyond?

Before that, let’s see what the coin 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. While it is relatively easy to make payments via a platform, it can be very 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 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 per second, as opposed to between 10 and 14 on the Ethereum network currently, though that will change with the launch of Ethereum 2.0 in 2022, which will be many times faster. 

Their white paper sums up OmiseGO as a “decentralized exchange, liquidity provider mechanism, clearing house messaging network, and asset-backed blockchain gateway” which is not owned by any single party. Instead, it is an open distributed network of validators that enforce the behaviour of all participants, well-suited to both fundamental blockchain and libertarian principles.

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 140,245,399 OMG coins, of which 140,245,398 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 OmiseGO 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 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 to below $0.6 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. It topped its August position in mid-February and broke the $10 barrier on 16 April.

It then shot up to $14.86 on 7 May 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 price was hovering around $8.87 on 22 November 2021. 

On 12 November 2021, OMG value tanked by over 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 then.

Further steep declines were seen over the course of December 2021 and January 2022. From its peak in late November 2021, by 24 January, the coin saw lows of $4.12, a 78.45% drop in value. However, by the 26 January, things seem to have improved. OMG coin is currently trading 7.72% above its previous close and is now trading at $4.43. Is a bounce back on the cards?

Can we make an OMG coin price prediction for 2022 and further into the future? Let’s see what people are saying.

What might happen

DigitalCoinPrice predicts growth. The OmiseGO price prediction for 2022 suggests it could hit an average price of $5.90 throughout 2022, approaching $7.22 by 2023. The average OMG price prediction for 2029 is $18.72. 

Gov.capital’s OmiseGO price prediction says it could break the $10 mark by April 2022. Its OMG crypto price prediction has it breaking the $100 barrier in January 2025, and it could reach $200 by October 2026. The site suggests that in one year’s time the coin should be worth $28.59, and $224.85 in five years’ time.

Wallet Investor has a one-year forecast of $9.03 and a five-year forecast of $28.51.

Trade OMG to US Dollar – OMG/USD chart

FAQs