Skip to content

200% rise and fall after OmiseGo has raised suspicions

May 23, 2020

The controversy has returned to the cryptocurrency exchange Coinbase after a listed alternative currency rose 200% in 15 minutes and then crashed.

The inclusion of OmiseGo (OMG) in Coinbase, the 34th cryptocurrency by market capitalization, is currently an issue of interest to social media. This has also led to family allegations of insider trading.

Coinbase “Premium” reaches 80%

“OmiseGO (OMG) will launch at http://Coinbase.com, iOS and Android apps in the next 15 minutes.” tweeted Company on May 21st.

200% rise and fall after OmiseGo has raised suspicions
200% rise and fall after OmiseGo has raised suspicions

The first day of trading was characterized by OMG trading with a substantial premium over other exchanges, particularly Binance. At one point, the premium reached 82% at five-minute closing prices.

Matt Casto, an analyst with Cryptocurrency Trading Group CMT Digital, described the situation as “ridiculous” and argued that the cousin “created” new “bag holders” for life “.

Over a 15-minute period, there was a 200% price increase, after which Altcoin crashed almost immediately.

OMG / USD pair chart showing Coinbase's premium over Binance

OMG / USD pair chart showing Coinbase’s premium over Binance. Source: Matt Casto / Twitter

A story of dubious publications

Coinbase has not yet publicly commented on the criticism, which will remind experienced traders of previous altcoin launches on the exchange.

Perhaps most notable was Coinbase’s support for Bitcoin Cash (BCH), the price of which began to rise before a public announcement via the stock exchange that supported it. This in turn led to insider allegations and even an investigation by Coinbase, which ultimately found no evidence of a foul.[[[[

This time, however, commentators found that OMG had also started its upward trend until an official announcement up to seven days earlier.

“When are responsibilities required? Tell me that it is just a coincidence or that it is an inside transaction,” replied the Twitter account. Cryptopilot.

OMG will appear on Coinbase on May 21, but for unknown reasons it has seen a 65% increase 7 days ago on May 14.

At the time of going to print, OMG’s Excjan retail prices had stabilized at around $ 1.90 per coin.