Will Omisego Undergo Another "Pump And Dump" Event Similar To The Coinbase Scenario?

Binance’s North American branch – Binance.US, officially announced support for yet another cryptocurrency – OmiseGO. The newest listing makes it the third event in May and the eight listing event since the start of 2020.

Binance.US announced that currently depositing fiat currencies to OMG is now enabled, with trading both OMG/USD and OMG/BUSD trading pairs starting 9:00 AM EST.

However, crypto traders are being skeptic about OmiseGO’s listing, since the crypto went live for trading on Coinbase and Coinbase Pro on May 21, recording a 200% price increase and a price dump in just an hour.

The massive price increase shortly after the Coinbase listing, most of the other exchanges traded OMG at a hefty premium. At some exchanges, the price premium reached as much as 82% on 5-minute closing.

Crypto analyst Matt Casto announced the price pump as “ridiculous”, noting that such behavior is creating “lifetime bagholders.”

The trading behavior of OmiseGO on Coinbase sparked rumors of speculative trading, as well as insider trading, which rocked the boat for Coinbase. The 38th-largest cryptocurrency by market capitalization made a rapid spike in the last 10 days of May, with its price reaching a monthly high of $2.20 USD, after trading as low as $0.635672 USD in the first half of the month. Shortly after the Coinbase listing, OmiseGO recorded a massive price spike and even the speculation accusations didn’t help to holster OMG’s upwards momentum.

However, this is not the first time Coinbase has been declared speculative. During the Bitcoin Cash (BCH) listing, the coin started increasing its price prior to Coinbase even announcing support for BCH. The price climb made crypto experts accuse Coinbase of insider trading. Coinbase even did an internal investigation of the matter, but investigators found no evidence for insider trading.

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