The Ethereum network is a vast ecosystem housing many crypto projects. All of these projects, in a way, are designed to help push the ever-evolving blockchain technology to the far walls of the earth.
Blockchain networks have had their fair share of problems over the years, and the Ethereum network has not been spared; coupled with the fact that it has a gigantic ecosystem hosting other networks, it has become prone to congestion, lagging, and inadequate scalability.
Among the projects developed on the Ethereum network is OmiseGo (OMG), a decentralized platform designed to speed up transaction time and reduce transaction fees on the network.
The OmiseGo (OMG) platform native token OMG has recently garnered some interest from crypto experts and price prediction analysts, with some wondering how far this digital asset will go in the industry.
This article will briefly discuss OmiseGo's (OMG) history and platform before focusing on its native token OMG and what some price prediction experts have speculated about its future price.
What Is OmiseGo (OMG)?
OmiseGo (OMG) is a decentralized and interoperable crypto platform that functions as an exchange and payment network. It enables cross-chain value transfer, offering crypto-crypto and fiat-crypto investment avenues.
It serves as a layer 2 blockchain scaling solution on the Eth network designed to solve the problem of transaction speed and scalability for users who intend to build decentralized payment apps on the network.
OmiseGo (OMG) was built on an Ethereum network framework, Plasma. It transfers transactions from the ETH network onto side chains: blockchains that run alongside the Ethereum blockchain and are also connected to the main network.
However, OMG, the network's native coin, functions as a standard ERC-20 token and serves the purpose of governance and utility.
Brief History Of OmiseGo (OMG)
The platform was created in 2017 by Omise, a payment processing company in Thailand founded in 2013. Omise began to explore blockchain solutions in 2015 by creating a lab to conduct testing and research.
By 2017 all was set to launch the network, and they did in the early part of the year. The first ICO occurred in June and ended in July of the same year, enabling them to raise about $25 million.
In June 2020, they rebranded to OMG network, and the first public testnet went live showcasing audited contracts designed to interact with the Eth network public testing environment.
Jun Hasegawa and Ezra Don Harinsut serve as co-CEO, while Federico Araujo serves as COO( chief operating officer) of the network.
Other notable team members are June Seah, chief business development officer, and Kazuhiro Koiso, CFO (chief financial officer.
The Protocol OmiseGo (OMG) Was Built On.
The network operates on a single block producer, the POA (Proof of Authority) chain, coupled with a More Viable plasma architecture.
This consensus creates a value transfer layer on Ethereum which bundles all transactions on the network and validates them through a speed-optimized side chain before sending them back to the host blockchain for confirmation.
This saves time, conserves energy, and reduces transaction costs because the transactions will be verified in batches instead of individually.
On the other hand, the plasma-based side chain architecture MVp ensures that there is safe facilitation of assets for users, which is made possible through sets of decentralized watchers.
They closely observe the block producers and side chain, ensuring they function correctly and accurately confirm network transactions.
In addition, they ensure it stays on track adhering to the network protocol, not withholding blocks or tampering with transaction orders.
What Makes OmiseGo (OMG) Different From Other Cryptocurrencies?
OmiseGo (OMG) network aims to rid Ethereum of the current scaling and speed problems it faces.
They believe that before mainstream developers and businesses choose to build on the ETH network, they need to overcome those problems.
And as a solution, this plasma-based network will solve the network's problem by using plasma to eject unnecessary data from the root chain.
It also intends to handle Ethereum network smart contracts but will only transmit completed transactions to the public chain conserving energy and space memory for participants.
Finally, it will significantly increase the final throughput of transactions so that other dApps can run efficiently without worrying about lagging or congestion.
The OMG token also allows all who hold it to validate within consensus rules on the network; it can be used to pay for transactions and staking purposes when the feature becomes available.
The platform has partnered with prominent crypto companies and groups like Hydro labs, Algoz, Finnovate, e.t.c.
OmiseGo native token OMG has a maximum supply of 140,245,399 OMG coins and a current circulating supply of 140,245,398 OMG coins. It is ranked 116th on the list of cryptocurrencies by market capitalization and dominates at 0.03%. OmiseGo reached an all-time high of $28.3 and an all-time low of $0.3 per OMG.
What Factors Determine The Price Of OmiseGO (OMG)?
Some key factors affect the price of all cryptocurrencies, including OMG, and because of their volatility, these factors could either influence the prices positively or negatively.
As for OMG, here are some common factors that affect its price now and may well still affect it in the future
Regulatory bodies play a vital role in the growth of an exchange. Some may see them as a burden or, at times, a threat to the management of an organization. But in a real sense, they protect the organization from fraud from its users or the administration in charge.
Government policies and regulatory directions like investment regulations, mining restrictions, tax policies, plans for official digital currencies, and several other developments significantly impact the prices of cryptocurrencies, including OMG either moving its crypto cap higher or dragging it down.
The press and newsmakers also significantly influence the price of OMG and other cryptocurrencies. News platforms can portray a cryptocurrency as investment-worthy or pick out its vulnerabilities to the general public.
For example, suppose a popular entrepreneur talks about his love and support for a coin on their social media account. In that case, it tends to build up interest in their followers, immensely increasing the coin's market cap and price.
However, it can quickly go the other way around, resulting in either a minor or significant drop in price.
Black Swan Events
When covid struck in early 2020, there was increased activity in the crypto industry. Several cryptocurrencies made gains since many national economies suffered because of the pandemic, and many investors decided to turn to crypto in the face of their weakened economies.
These unexpected changes to the broader economy no doubt increased the price of OMG like its contemporaries. On the other hand, the market decline and the bear market that occurred in May 2022 shook the crypto sphere to the boots, and many cryptocurrencies experienced a terrible fall in price.
OmiseGo (OMG) Past Price Performance: A Complete Price History Of OMG
OMG launched in June 2017 at $0.32. It garnered a lot of interest and attention, giving it quite the momentum it needed, and by September, it had soared to the lofty high of $11, representing a 3,337% rise in just two months.
It continued with its streak of Good luck fluctuating just a bit throughout the rest of the year. The 2018 boom brought out the best in OMG, leading it to its first All time high of $28.35 on January 8. This was no small feat because it saw a rise of over 8,750% from its launch six months earlier.
However, it could not maintain it, and by the end of 2018, it suffered a massive loss of over 95% of its total value, dropping to $1.421 in less than a year. It couldn't retain that price and fell below $0.60 between mid- and last quarter of 2019.
The late part of 2020 proved to be a change, and OMG started to gather momentum again. In August, the boom in the crypto market, coupled with its network name rebrand, led it to $6.4138 but dropped back to $2.4336 at the end of the year.
The beginning of 2021 was a game changer as OMG toppled its position in August 2020 and broke the $10 barrier in April 2021. It continued to bask in the $10 threshold before shooting up to $14.87 in May, but it fell back to $3.79 in just two weeks.
OMG dropped to $3.20 in July, then saw a high of $9.12 in November. On the 12th of the same month, the Boba network Airdrop rally, which incentives all who buy OMG with a tokenized bonus BOBA, led to an uptrend that resulted in a 25% increase in value.
It proved effective because earlier that same November, Boba Token Airdrop had announced its presence on the top 10 crypto exchanges in the industry. December 2021 and January 2022 saw steep token price declines, dropping to $4.12 and losing about 78.45%.
The following months brought about a marginal improvement and losses; OMG was trading at $4.38 in March and closed the month with a daily high of $6.06.
But by April, May, and June, there was an abrupt change, and the token saw a loss of over 93% compared to its first all-time high in 2018 and a 70% loss over the past 12 months.
The chart above shows that OMG saw its huge run in late 2021, with the volume rising to $2.5 Billion.
Currently, the token is worth $1.87, showing that it never recovered its first ATH of January 2018.
How Is OmiseGo (OMG) Doing Now?
Like all other crypto assets, OMG has been tremendously affected by the current downtrend in the crypto market. OMG's price is $1.01; it has seen a 20.97% decrease in in the last few weeks, a 10.73% decrease in trading volume, and now ranks 116th in the crypto market, according to CoinMarketCap.
It has lost 93% of its initial all-time high (ATH) but basks in a 250.14% ROI (return on investment) and still soars high with over 485.65% above its all-time low of July 2017.
OMG has a market cap of $262,581,360.91 with a market dominance of 0.03%.
Current Price Predictions For OmiseGo (OMG)
OMG is currently trading at $1.16, with a daily high of $1.2 and a low of $1.1, and trading within the range of $1.10 and $1.3 this last week.
October has proved to be a relief bounce for OMG and many other cryptocurrencies, and in just 24 hours, it experienced a 7.97% decrease in market cap.
OmiseGo (OMG) Price Predictions For February
With January's current relief for crypto assets, OMG has continued to flourish this past week. There are high hopes for a rebound to greater heights by September.
The price prediction for OMG predictions according to experts on different platforms with the help of an automated price machine, and previous price actions of OMG have forecast a move to the region of $2.53 with average trading of $2 in February. This will, in effect, surpass the current trading level of OMG.
Short-Term Price Predictions For OmiseGo (OMG): 2023
There have been ups and downs regarding crypto assets in 2022. The first quarter of the year proved to be survival of the fittest with many projects and altcoins being shelved under the water with the price of OMG not excluded.
The table below shows the short-term OMG network price predictions for 2023
Long Term Price Prediction Of OmiseGo (OMG): 2023-2025
According to prediction experts, OMG is expected to cross the $5 threshold with a minimum price of $8 and a maximum price of $10 by the end of the year 2025.
The table below shows the OMG network price prediction for the years 2023-2025
Long-Term Price Prediction Of OmiseGO (OMG): 2026-2030
In 2030 there will be wider adoption of cryptocurrency than at this present time, and by then, OMG will have been in existence for like 13 years, which is quite a long time.
Below is a table showing the long-term OMG network price predictions spanning 7 years
Long-Term Price Prediction By Experts
Several coin prediction experts have analyzed OMG's price in some months to come and in the future. Experts like Digital Coin, PricePrediction, and CoinLore have studied OMG price patterns in previous years and have come up with a long-term price forecast for the coin.
However, it's important to note that it's a calculated guess based on its previous performance; no one can accurately foretell the outcome of assets like cryptocurrency; they are too volatile. Therefore it's advised to always do adequate research before investing as this is NFA(not financial advice)
Omisego (OMG) Long Term Price Forecasts By Digital Coin
According to Digital Coin, a price forecast platform expert in predicting the price of a cryptocurrency, has come up with a theoretical analysis that spans nine years, 2022 to 2031.
They predict that by the end of 2022, OMG will be valued at an average of $2.52 with a max price of $2.68 and a minimum of $2.48, while by 2025, it will cross the $2 threshold with a max price of $4.39 and a minimum of $3.25.
By 2030 it will have attained a high of $8.72 as the maximum price and $8.31 as the minimum. This analysis shows that Digital Coin is quite optimistic about OMG and believes it will immensely increase in value in future years. Though this is just a speculative guess, always do your research.
Long-Term Price Predictions of OMG By CoinLore
CoinLore, another prominent expert in future price analysis, has also devised a prediction for the OMG token. They have the impression that the OMG coin will topple its previous ATH in years to come.
They predict that by 2023 OMG will be valued at $5.25. Moving to the following year, it will have over $1 increase rising to $6.65. By 2025 it will rise to $9.24, and by 2029 it will increase to $24.55, moving very close to its lost ATH.
By 2033 just four years later, it will attain a price of $51.97, setting a new ATH. It may look too good to be accurate, but cryptocurrencies can give and have given far more surprises in previous years.
OmiseGo (OMG) Price Estimation By PricePredictions
PricePrediction, another prediction analyst, shared the same sentiment with CoinLore and speculated that by 2023 OMG will have a Max price of $4.59, an average of $3.98, and a minimum of $3.87.
By 2025 it will shoot up to an average of $8.91, a minimum of $8.67, and a maximum price of $10.08. 2031 which marks the final year of the prediction, OMG will see a tremendous increase in value, having an average of $79.04, a minimum of $76.74, and a maximum price of $96.68.
OmiseGo (OMG) Price Forecast By Wallet Investor
Wallet investors, another prediction expert, have a pretty pessimistic view of OMG. They predict that by the end of 2022, the token price will fall to an average of $0.196, a minimum of $0.0979, and a max price of $0.294.
By 2027, the final year of their prediction, it will fall further to an average of $0.146, a minimum of $0.0730, and a maximum price of $0.219.
OmiseGo (OMG) Price Prediction By Margex Technical Analysis
Margex is a crypto exchange platform that offers Bitcoin-based leverage trading. Their highly trained technical analysts leverage price prediction AI to give a forecast by comparing fundamental and future prices.
In terms of crypto exchange and trading, they offer 100x leverage trading to intraday and long-term traders. Margex has an easy-to-use interface, transparent, and highly secure platform focused on helping traders become more profitable.
OmiseGo appeared to have found a bottom around $0.3 after a massive drop from a region of $28 and had adequate support for a bounce. At the current market price, the price has bounced to $1.16 and is facing resistance to trend higher.
OmiseGo's price will rise because it has a good use case for the supply chain industry, data, and a good partnership.
Crypto As a Financial Instrument
Statistics by Finbold, a platform that studies and reports the performance of various finance sectors daily, states that over 10% of people who use the internet in the world have cryptocurrency.
It's not a mystery that many people own crypto globally; everyone is interested in financial freedom, and cryptocurrency can give them that if they follow the right channel. Many people lose their life savings to crypto scams and sometimes failed projects due to ignorance or lack of adequate knowledge about the industry.
Therefore many cryptocurrency exchange platforms now offer price prediction services and leverage trading to tackle this problem. An excellent example is Margex, a global cryptocurrency exchange that provides top-notch price prediction services and leverage trading. In addition, they utilize only the best form of technology to secure their platform and their customers' funds.
To guard their customers against scams, they thoroughly vet a cryptocurrency before listing It on their platform for trade.
OMG Price Prediction: Commonly Asked Questions About OmiseGO Cryptocurrency
Omise, OmiseGo and OMG are cryptocurrency terms associated with the OmiseGo network, with many expecting the tokens to skyrocket in coming years.
These FAQs will answer some frequently asked questions about OMG coin price prediction.
Is OmiseGo (OMG) A Good Investment 2022?
The crypto industry has not quite balanced from the bearish nature of assets that started in May. But August has proved to be a good month for OmiseGo, and if it continues to be stable in the coming months, it may prove to be a good investment.
What will OmiseGo (OMG) Be worth in 2025?
The OMG network price prediction for 2025 by Digital Coin is that the token will rise to $4.39 as the max price and $3.25 as the minimum, but this is a speculative analysis based on past behavioral patterns. Always do your research.
Will OmiseGo (OMG) Rise?
Price prediction experts like CoinLore expect OMG to rise above its current known ATH to $51.97 in 2030. Another price forecast platform Digital Coin speculated that it will be valued at $8.72 as the maximum price by 2030. On the other hand, Wallet Investor, another prominent price prediction expert, forecasts that OMG will crash to a maximum price of $0.219 by 2030.
How High Can OmiseGo (OMG) Go?
According to PricePredictions, a digital asset price forecasting platform, OMG will go as high as $96.68, while Coinlore expects it to reach a high of $51.97.
On the other hand, Digital Coin expects it only to reach $8.72 in 2030.
Will OMG Network Reach $100?
PricePrediction expects OMG to get to as high as $96.68, which is close to $100, while CoinLore and Digital Coin expect it to reach $51.97 and $8.72, respectively. It is alway advisable to do your due diligence.
Why Is OMG Going Down?
The bear market in May 2022 contributed to the decrease in OMG price and several other cryptocurrencies.
What Is An OMG Coin Used For?
The token holder can trade them on crypto exchanges for gain; it serves as a utility for the OMG network, and in the future, when the network transitions to a PoS consensus, it will serve the purpose of staking on the platform.