OMG Network skyrocketed although the market went bearish

• OMG Network is soaring while the major cryptocurrencies have plunged
• Earlier on Tuesday, OMG tokens surged by more than 25% over the pat 24-hours
• It is observed that the surge followed the launch of boba Network

OMG Network has attracted several eyes with its tremendous performance. The project aims to create an opportunity to receive modern financial services to those social groups that are currently deprived of them for any reason. Ultimately, the project tries to reduce the cost of transactions, regardless if it is crypto or government-issued fiat. Earlier this week, as the prices in the crypto market plunged, OMG tokens are observed continuing their bullish run. Following the scenario, it was observed that the price rally was sparked with the launch of Boba Network, which provides Layer-2 solutions.

OMG Network price has been skyrocketing

Earlier on Tuesday, the price of OMG Network tokens was about $10. Over the past 24 hours, the token was up by more than 25%, with a daily trading volume of $4,53,14,80,624. According to the data from CoinMarketCap, the token was the 67th largest cryptocurrency with a total market capitalization of $1.5 billion. However, at press time, the price dipped to $8.82. Still, over the last seven days, the token is up by more than 2%.

What helped the cryptocurrency to surge?

OMG Network as an Ethereum-based scaling solution is working on launching its public mainnet. The bullish rally of the crypto assets followed the launch of Boba Network. The latest platform is a layer 2 optimistic rollup, which is quite similar to Arbitrum and Optimism. Notably, the platform’s website vows that users will be able to withdraw their funds back to Layer-1 Ether in just minutes. Indeed, the OMG Network is working on the Boba in confluence with Enya.

How are other major cryptos performing?

When the price of OMG Network was soaring in the crypto market, Bitcoin and Etherehm were plunging. At the time, Bitcoin was trading near the price level of $42k. Simultaneously, Ethereum, as the second-largest crypto asset was trading at the price level of $2.9k. In contrast, at press time, over the last seven days, Bitcoin is down by more than 10%, whereas, Ethereum is down by more than 15%.

However, we have also observed that besides OMG Network, Celo is another crypto asset that rose by more than 16%.