The Omni Network, an abstraction layer-1 blockchain that addresses the fragmentation of Ethereum roll-ups, has emerged as one of the most-talked-about projects within the past 24 hours. Its native cryptocurrency, OMNI, jumped an impressive 149.4% after Upbit, the largest crypto exchange in South Korea, announced it would list the token. Trading started in the early hours of today, at 18:30 KST in the KRW market, which raised OMNI’s visibility. Sources report that prices soared from $2.50 to $7.50, with intraday gains reaching 200%.
Upbit Pushes OMNI Token 149.4% Up
Upbit’s listing created excitement as South Korean traders flooded the KRW market, boosting the crypto asset’s liquidity and credibility. The announcement caused a short squeeze, with high-leverage derivatives pushing prices up from $2.50 to a peak of $7.50. Trading activity surged by 6,000%, reflecting strong market interest. The trading volume also increased significantly, hitting between $240 million and $939.5 million in just 24 hours.
Additionally, Binance’s staking program offering 11% APR helped by locking up some token supply. Similar price spikes were seen with other tokens like Maple Finance’s SYRUP, which gained 80% recently, and Solana, which rose 70% earlier this quarter.
The Power of Exchange Listings
OMNI’s partnerships with DeFi platforms like Aarna AI and PaintSwap increased its appeal and improved its integration with Ethereum Layer-2 solutions. These collaborations showed the token’s practical use, attracting developers and investors. The broader altcoin market also helped, with Ethereum rising 25.6% this week, drawing capital to high-risk assets.
However, some technical indicators, like an RSI of 85.68, suggest OMNI might be overbought, which could lead to a price pullback like was speculated with Optimism’s (OP) token. Analysts remain optimistic and predict prices could reach $22 by the end of the year if adoption continues to grow.
OMNI’s rise shows how important it is to be listed on exchanges, especially big ones like Upbit. The cryptocurrency wants to connect different Ethereum rollups to make liquidity smoother for both developers and users. While it has some risks with price changes, its staking rewards and partnerships in DeFi make it an interesting option.
With an altcoin season coming up, OMNI’s growth could signal changes in the market. Its unique method of restaking OMNI and ETH sets it apart in the changing Ethereum space.
