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United States based digital currency exchange Coinbase witnessed contretemps after an altcoin it listed surged over two hundred percent in fifteen minutes. However, the prices plunged immediately afterward. The altcoin mentioned above is OmiseGo.
As per coinmarketcap, OmiseGo is presently ranked thirty-fourth by market cap. Upon listing, it witnessed around eighty percent trading premium and sparked several allegations of insider trading by the crypto community.
On 21st May, the exchange tweeted, “OmiseGO (OMG) is launching at coinbase.com and in the iOS and Android apps within the next 15 minutes.”
An analyst at cryptocurrency asset trading group CMT Digital, Matt Casto outlined the situation as “ridiculous”. He further mentioned that the premium was generating new lifetime bag holders.
Notably, a fifteen-minute period saw a two hundred percent price upsurge, subsequent to which the cryptocurrency almost instantly plunged.
At the time of reporting, OMG is trading at 1.89 USD with a market cap of over 264 million USD, as per coinmarketcap.
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