Why Osmosis (OSMO) is Growing and What is The Price Prediction For 2024

By
Tana Harina

01/05/2024

4,5

★

Over the past 24 hours, OSMO's asset price has risen 16% to $1.8014 at the time of writing.

Osmosis (OSMO) crisis

In October 2023, the Osmosis blockchain suffered an exploit that resulted in fraudsters stealing up to $5 million dollars. The critical bug was discovered in liquidity pools that appeared quite recently on DEX. This incident had a negative impact on the network's native token. On the day of the exploit, OSMO dropped over 4%. The seven-day drop amounted to 22%.

Liquidity pools were NOT "completely drained".

Devs are fixing the bug, scoping the size of losses (likely in the range of ~$5M), and working on recovery.

More info to come. https://t.co/WOu7MMgSUM
— Osmosis² 🧪 (@osmosiszone) June 8, 2022

Why Osmosis (OSMO) is growing?

Osmosis is part of the Cosmos ecosystem. It is a decentralized exchange that has recently attracted a lot of attention from market participants. One of the reasons was the availability of customizable liquidity pools. For the month of December, the exchange recorded a trading volume of $1.1 billion. During the same period, Osmosis conducted 8.5 million transactions.

The positive price dynamics of the token was facilitated by the general bullish trend. The merger of Osmosis with Umee also influenced the growth of OSMO. In addition, Osmosis' decision to let the community make important decisions influenced the token's surge.

Osmosis (OSMO) forecast for 2024

In the last 24 hours, OSMO's asset price has risen 16% to $1.8014 at the time of writing. OSMO is up 145.85% year-to-date, with the largest increase coming at the end of 2023.

OSMO has been on a strong uptrend in recent months. The asset is above the support level of $1.3935 and may well continue its growth. In the near future, experts predict that OSMO may reach the $2.5 mark, but there is a chance that the token will rebound to $1.5 first.

This is not a 100 percent statement. Remember that the cryptocurrency market is very volatile and unpredictable. Do your own research.

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