Share this article
OMG Price Doubles as DeFi and Record Ethereum Fees Create 'Perfect Storm'
OMG has more than doubled in the past seven days as record Ethereum fees lead investors to look more closely at layer 2 solutions.
By Paddy Baker
Updated Sep 14, 2021, 9:45 a.m. Published Aug 20, 2020, 9:15 a.m.
The native token for OMG Network has more than doubled in the past week as record Ethereum fees lead some investors to look to layer 2 solutions.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- CoinGecko data shows OMG tokens have increased 115% from $1.70 to $3.65 in the past seven days – with the price surging by 30% in the past 24 hours.
- The rally means OMG's market cap has surged by approximately $275 million since this time last week.
- OMG's price has increased by nearly 1,000% since it fell to its all-time low of $0.35 after the Black Thursday crash in March.
- Denis Vinokourov, research head at crypto exchange BeQuant, told CoinDesk OMG Network was benefitting from a "perfect storm" of industry-wide developments.
- The craze around DeFi – a subset that has exploded to well over $6 billion – has seen a surge in activity on Ethereum, leading to soaring fees.
- There are also reports the testnet for Eth 2.0 – a new iteration that would make the blockchain platform much more scalable – crashed last week.
- As such, investors are beginning to look more closely at layer 2 solutions, he said.
- Ethereum's average transaction fees rapidly shot up from under $0.10 in January to nearly $3.40 currently – the first time fees have stayed so consistently high.
- Stablecoin Tether – a notable "gas guzzler" – said Wednesday it was launching on OMG Network so it could take some of the pressure off the base layer.
See also: Decentralized Finance Frenzy Drives Ethereum Transaction Fees to All-Time Highs
Additional reporting by Omkar Godbole.
CORRECTION (Aug 20, 09:30 UTC): A previous version of this article referred to OMG Network by its old name, OmiseGo. This has since been corrected.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
U.S. Interest Rates, Do Kwon Sentencing: Crypto Week Ahead
Your look at what's coming in the week starting Dec. 8.
What to know:
You are reading Crypto Week Ahead: a comprehensive list of what's coming up in the world of cryptocurrencies and blockchain in the coming days, as well as the major macroeconomic events that will influence digital asset markets. For an updated daily email reminder of what's expected, click here to sign up for Crypto Daybook Americas. You won't want to start your day without it.
Top Stories
