Omni Network made headlines Friday with a breathtaking 200% pop, rising from $1.53 to $5.40 within hours. The rally placed OMNI far above the top 500 cryptocurrencies by market capitalization.
As Bitcoin rose to new records above $118,000, investors flocked to Omni Network. Ranked 277 on the market capitalization charts, the project saw its daily volume inflate more than 6,000% to $971 million.
Binance Wallet Support Reaches Across Hope
The largest OMNI pump driver was in the form of Binance wallet support for Omni Network through Binance Wallet. The integration enables users to tap and stake OMNI directly within the mobile app, in addition to other top dApps like Aarna AI and Silo Finance.
Binance Wallet recently made it possible for token holders to earn a powerful 11% APY staking OMNI in order to help protect the network. This move gave significant boost to OMNI’s utility and popularity across the decentralized finance ecosystem.
Derivatives Frenzy: Over $1.4 Billion in 24 Hours
Apart from spot volume, OMNI experienced a boom in leveraged trading. Open interest in OMNI was up almost 300% to $34 million by Coinglass, and derivatives trading volume was over $1.46 billion, including $238 million on MEXC and $195 million on Binance alone.
But then funding rates went negative, signaling increasing short positions despite the price rise. This tension created over $5.69 million in liquidations—$3.35 million of those from short sellers within a 24-hour period.
What’s Next for OMNI?
While OMNI’s price has eased slightly to around $4.00, it is also still among the top gainers in the market. The combination of strong derivatives interest, high staking rewards, and top exchange support suggests that Omni Network can still retain investor interest in the near future.
However, with the volatility, investors are warned to watch for possible pullback or additional liquidations as the hype wears off.
