OMG tokens might be the hottest crypto asset in the market right now. On August 20, Tether announced the integration of its stablecoin, USDT, on the OmiseGo (OMG) Network. Following the announcement, the price of OmiseGo’s native token, OMG, skyrocketed by almost 160 percent to reach $8.79.
Back in June, after the first partnership with Tether, the price of OMG tokens shot up again; but then it was 20 per cent to a much lesser extent. OMG tokens were struggling to hit the $1 price level in early 2020.
The federal agency in charge of regulating digital assets in Japan, has given OMG Network (formerly OmiseGo) the green light for the sale of its native token in the nation.
— Marquez Comelab (@Marquez_Comelab) August 16, 2020
OMG token price bullish
Its price rested around $0.50 following the market meltdown back in March, until major U.S. cryptocurrency exchange, Coinbase, listed the token. The news propelled OmiseGo tokens past the $1 resistance to $2 level before correcting.
OMG tokens price action fluctuations this year are primarily owed to rumours of its partnership with Tether, which are now authentic. Currently, USDT occupies the number three spot, as the third-largest cryptocurrency by market capitalization after usurping Ripple’s XRP yesterday. Furthermore, USDT is also the most traded stablecoin and the most predominant ERC20 token.
The rumours of the partnership were verified back in June, pushing OmiseGo price by 20 percent within hours, hitting the $2 level. Last weekend, OmiseGo tokens were trading just under $2. Following Tether’s announcement yesterday, the price of OMG tokens rallied by a massive 156 percent in 24 hours to reach a multi-week high of $8.79, according to Coinmarket cap.
OmiseGo USDT integration ease Ethereum Network congestion
At the time of writing, the market value of OMG tokens is $8. The current price comes after a slight receding from highs of $8.79. Tethers integration with OmiseGo has arrived at a perfect time when the DeFi market is hot; and Ethereum is struggling to handle the pressure, as transaction fees on the Ethereum network skyrocket.
After BTC, USDT is the most popular trading pair and handles most transactions on the Ethereum network. OmiseGo’s capacity to multi-trades into a single trade can help unclog the Ethereum Network, relieving the entire ecosystem from high network fees and delays.