Event-Driven Arbitrage Case Study | $OMG - $Boba Airdrop in 2021

On 20 September 2021, OMG network announced that anyone who holds OMG coin (buy or lend spot) would receive 1:1 Boba governance coin in the 20 November 2021 airdrop event.

This announcement further intrigued investors’ interests in the OMG coin since at the time, the advised investing strategy was getting as many airdrops as possible. Especially with a layer 2 project and a simple airdrop rule, OMG airdrop soon gained traction in the market. As a result, the trading volume of OMG has doubled from 19 September to 20 September, and spiked to $27 million trading volume on 4 October.