Despite Coinbase Surge, Nearly All OmiseGo (OMG) Investors Remain Underwater

OmiseGo recently captured the attention of crypto enthusiasts after igniting a 200% parabolic rally. But even after the sharp increase, most of the cryptocurrency’s investors are still nursing losses.

Anthony Sassano, founder of Ethereum intelligence firm EthHub, shared an image on Twitter from crypto analytics company IntoTheBlock showing the percentage of OmiseGo investors who are profitable, breakeven, and underwater.

The graphic shows just 3.85% of OMG holders have earned a profit despite the recent surge. 1.92% are at breakeven while 94.24% were still out of the money.

Source: Twitter

Sassano notes that many of OmiseGo’s investors bought the coin during the cryptocurrency boom that spanned between the end of 2017 and the start of 2018.

During that stretch, OmiseGo rallied from a low of $2.75 in November 2017 to the all-time high of $28.50 in January 2018 – a 936% rise. But with the ensuing crypto bear market, the coin plunged to a low of $0.315 in March 2020.

On May 14th, Coinbase said that traders on Coinbase Pro will soon be able to buy and sell OmiseGo. The news immediately sparked a buying spree that sent the cryptocurrency soaring by as much as 200%.

At the current price of $1.90, OMG needs to rally 1,400% to reclaim its all-time high.

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