The Coinbase Pump: OmiseGo (OMG) Sees A Massive Surge

While Bitcoin continues to bounce below the $10,000 USD mark failing, altcoin OmiseGo (OMG) recently saw a huge uptick in trading value. The surge of the Ethereum-based token happened as a result of an announcement from major cryptocurrency exchange Coinbase, who tweeted yesterday that OmiseGo would be launched on the platform for trading.

Following the announcement, OmiseGo saw a 230% spike in price, spiking to hit a price tag of $2,20 USD after trading around at less than $1.00 USD for months before. Looking at the 7-day chart, the result of the announcement is obvious.

While OmiseGo’s price fell slightly after the initial pump, the result of the announced listing is still evident as the altcoin holds a $1,92 USD price at the time of writing.

Conversation & Controversy Around Coinbase Listings

The Block journalist Larry Cermak tweeted about the surge, commenting:

“OmiseGo is now up 176.6% since it was announced that it’s listing on Coinbase. The good ol’ Coinbase listing pump is back, boys”.

Meanwhile, others are criticising the exchange for a suspicious launch, pointing out that OmiseGo began increasing in trading value a week before the launch:

The suspicions of leaking insider trading information bear similar criticisms the exchange faced in 2017 when it launched trading for Bitcoin Cash. At the time, the Bitcoin hard fork had seen a rise in price before the listing was announced. Accusations of insider trading were investigated and ultimately no foul play was found.