Omni Network Token OMNI Surges 200% on Exchange Integration

Omni Network, a cryptocurrency, experienced a significant surge on Friday, with its native token OMNI skyrocketing by 200%. This remarkable increase positioned OMNI among the top gainers in the cryptocurrency market, surpassing the top 500 coins by market capitalization. The token's price soared from $1.53 to $5.40 across major exchanges, driven by a surge in daily trading volume that increased by over 6,000% to $971 million. This substantial volume suggests a major exchange flow as investors sought to capitalize on the gains.

The price of OMNI has since retreated to support levels around $4.00, but it remains one of the top performers in the past 24 hours. Several positive developments contributed to this upward momentum, including an announcement by the world’s largest cryptocurrency exchange. The exchange revealed new integrations for its wallet, allowing users to access and stake coins via multiple decentralized applications (dApps). Omni Network was highlighted as one of the top dApps supported by the wallet, alongside others such as Momentum, Aarna AI, Elderglade, Paintswap, Silo Finance, and Meta Pool.

The integration of Omni Network with the exchange's wallet means that users now have direct access to OMNI staking from within the wallet’s mobile app. Stakers who contribute to securing the Omni Network have the opportunity to earn rewards at an annual percentage rate of 11%. This development is likely to attract more users to the Omni Network, further boosting its popularity and utility.

The surge in OMNI's price was accompanied by a significant increase in derivatives volume, which exploded to over $1.46 billion. This exponential growth in leveraged trades is notable for a small-cap token. Data from Coinglass indicates that the open interest in OMNI jumped nearly 300% to $34 million. However, an analyst pointed out that funding rates were negative, suggesting increased shorting as the price rose. This led to more than $5.69 million in 24-hour liquidations, with $3.35 million of this amount accounting for liquidated shorts, and $2.68 million occurring in the past 12 hours as OMNI's price skyrocketed.