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

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


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%.

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.

Source and Copyright © TradingView

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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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

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