OmiseGo's native token (OMG) was one of Thursday's top performers, gaining over +19% on the day and reaching a 30-month high $8.13.
However, the tide seems to be quickly turning for the ERC-20 coin, which has already lost -10.5% in the last 12 hours as a number of concerning on-chain and social indicators began to emerge.
Here are 5 worrying signals that we noticed in OMG's fundamentals as the correction started:
As you can see, it seems like elevated sell-offs, profit taking and growing hype are prompting a short-term OMG correction for the time being.
For more on-chain, social & development information on OMG and 1000+ other coins, check out app.santiment.net
Generally, we can look at how a token's supply on exchanges is looking in order to help see cues that an asset can safely grow without large selloffs. The best opportunities generally arise through assets with declining supply on exchanges. Here are the two best, as well as two worst looking options that we're seeing from this metric's standpoint!