OMG Token Grows 250% In a Week

The 25th largest cryptocurrency has surged 252% in a few days, leading to its integration into the flagship stablecoin project, Tether. On Friday, the OMG/USD exchange rate set its maximum since the beginning of the year at $9.86, but later proceeded to a correction.

On Wednesday Tether announced that it will use the OMG network to enable faster transactions with lower fees. The integration will result in faster confirmation times, faster payments and lower fees without compromising network security. Tether was one of the first major platforms to solve this issue. As such, the firm has also bolstered the prospects for higher demand for OMG tokens which users stake to run validation nodes on the network.

Following the rally, the OMG/USD pair experienced a price drop from $9.86 to $6.27 during Friday's trading session. Further correction risks pushing the trading pair towards the free fall zone. At the time of this writing, the OMG token is trading at $6.14.

Image courtesy Cryptoslate