OMG Network (OMG) has experienced a 0.8% decline, bringing its prices to $0.697 this week. Since the start of 2024, the altcoin has recorded an 18% loss. A significant portion of this decline occurred on January 3, when OMG plummeted by 25% to $0.649, aligning with the downturn in the crypto market. Another notable drop occurred on January 9, following the announcement of Genesis Block as the new owner of the network.

Investors are expressing concerns about the new owner's limited experience in the crypto industry, and there is anticipation that Genesis Block needs to reassure investors to prevent a further decline to $0.500. The success of these efforts will likely play a crucial role in stabilizing OMG Network and restoring investor confidence.