“Oh my god!” is what crypto traders are likely saying after the massive gains that OmiseGo posted over the past week.
- The chatter around OmiseGo across social media channels exploded after its impressive 150% run-up that began on May 11.
- With so much hype around it, there is a chance that OMG could continue surging, but different indicators are warning of a correction.
- A spike in the selling pressure behind this ERC-20 token could see it drop to $1.3.
Before rising by 60% today OmiseGo was spiking regularly due to the hype of getting listed which finally did. Over the past 24 hours alone, according to an article posted 11 hours ago, OmiseGo has seen nearly 3 million engagements and over 1,500 posts shared across several social networks. But the party may soon be over.
Dino Ibisbegovic, head of content and SEO at Santiment, affirmed that extreme spikes in a cryptocurrency’s social mentions are often followed by steep pullbacks. As the hype begins to peak, large investors may start dumping their holdings, sparking a corrective period.
A picture is worth a thousand words, but here’s some words just in case: on average, the coins gained more than 15% in 2 weeks before appearing on the Emerging Trends list. The moment they show up on the list (0 on the chart) – the dump begins.
So, the time will tell if this emerging trend chart will bring the OmiseGo in the correcting path.
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