Omni Network crypto explodes amid staggering $1.4b derivatives volume

Omni Network took the cryptocurrency market by storm on Friday, with the native token pumping a staggering 200% as it outpaced the top 500 coins by market capitalization.

As the crypto market revelled in the wake of Bitcoin (BTC) touching a new all-time high above $118k, the Omni Network (OMNI) crypto bid to steal the show. 

The altcoin, currently ranked 277 by market cap at just over $135 million, outpaced cryptocurrency peers as its price rose from lows of $1.53 to hit $5.40 across major exchanges.

Data shows its daily trading volume shot up by more than 6,000% to $971 million, a staggering figure that suggests a major exchange flow as holders eyed gains.

Binance Wallet support

While price is back at support levels around $4.00, OMNI remains one of the top gainers overall in the past 24 hours. A range of positive developments contributed to the upside action, among them an announcement by the world’s largest cryptocurrency exchange, Binance.

The exchange revealed new integrations for Binance Wallet, allowing users to access and stake coins via multiple decentralized applications. Omni Network is one of the top dApps Binance Wallet outlined support for, alongside others including Momentum, Aarna AI, Elderglade, Paintswap, Silo Finance, and Meta Pool.

Omni Network integration means Binance Wallet users now have access to OMNI staking directly from within the wallet’s mobile app. Those who stake tokens to help secure the Omni Network have an opportunity to earn rewards at an annual percentage rate of 11%.

OMNI price spiked amid explosion in derivatives volume

Omni Network pumped hard in the last 24 hours.

But notable is the huge spot volume on exchanges – over $195 million on Binance and $238 million on MEXC. Also massive for the small cap token is the level of leveraged trades it sported, with derivatives volume exploding exponentially to over $1.46 billion. 

Per data from Coinglass, the open interest in OMNI jumped nearly +300% to $34 million.

However, as an analyst Wise Advice pointed out on X, funding hovered negative to suggest increased shorting as the price rose. 

In this case, Omni Network has seen more than $5.69 million in 24-hour liquidations. About $3.35 million of this accounts for liquidated shorts, with $2.68 million in the past 12 hours coinciding with OMNI price skyrocketing.