At 70% Below Its Peak, OMG Crypto Looks Like a Bargain

OMG Network (OMG) fell more than 10 percent in morning trading on Sep. 20, to just above $8. However, the altcoin has gained 40 percent in the past 30 days and more than tripled year-to-date. Its price has ranged between $2 and $15 over the past year. It attained an all-time high above $28 in Jan. 2018. What’s OMG crypto's price prediction, and is it a good investment?

Seeing how Bitcoin and Ethereum investments have paid off, investors are eager to find the next cryptocurrency to explode.

The OMG Network has transformed into a foundation and is forging partnerships focused on providing Ethereum scaling solutions. It aims to make development on the Ethereum blockchain more attractive. The OMG token, its official cryptocurrency, is used to pay for the foundation’s services. There are 140 million OMG tokens in circulation, and that's the crypto’s maximum supply.

OMG recently partnered with Enya to launch the Boba Network. Based on the Ethereum blockchain, Boba enables developers to take advantage of Ethereum’s security while avoiding slow transaction speeds and high fees.

While the core Ethereum blockchain can only handle fewer than 50 transactions per second, Boba can process thousands per second. That makes building on Boba far less expensive than building directly on Ethereum and appeals to DeFi and NFT projects. You may think of Boba as a type of Solana, Algorand, or Cardano built on a blockchain secured by the proof-of-work consensus.

Since OMG crypto’s maximum supply is fixed, there's no risk of inflation. Moreover, since OMG has already reached its maximum supply, it’s positioned for appreciation as demand for the token grows. Other major cryptos with a capped supply are Bitcoin, Yearn Finance, and Clover Finance.

Considering OMG has gained more than 200 percent in 2021 but is still 70 percent below its peak, it has caught investors' attention.

If the DeFi and NFT space continue to heat up and the Boba network becomes a hit with developers, OMG could explode—its value could very well grow tenfold by 2025. However, as with many other cryptocurrencies, the growing regulatory scrutiny of DeFi projects is a risk factor.

If you think DeFi is the future and like OMG's outlook, you might want to add it to your portfolio. The altcoin is broadly supported by crypto exchanges, making it easily accessible and highly liquid. The best exchanges to buy OMG with the U.S. dollar are Coinbase, Binance, Kraken, Bitfinex, and Exmo.