Omicron token spikes 900% after new COVID-19 variant emerges
An obscure crypto token called Omicron (OMIC) has recently witnessed an all-time high surge as an emerging, fast-spreading COVID-19 variant has got christened with the same name.
Omicron’s OMIC token has peaked at $689 during the November 28 morning Asian trading session. The move has contributed to another 200 per cent gains on the day for the token and a whopping 945 per cent since Saturday when it had been trading around $65.
The token now shares its name with a new Covid-19 variant which was first reported in South Africa on November 23. The World Health Organization has named the fast-spreading B.1.1.529 strain after the fifteenth letter in the Greek alphabet.
One of the crypto critics, “Mr Whale,” had commented that the massive price spike on the token signifies that things are in a “giant bubble.”
Omicron is a decentralized reserve currency protocol running on the Ethereum layer two network Arbitrum. Its native OMIC token is backed by other crypto assets that include the USDC stablecoin and liquidity provider tokens.
OMIC can currently be traded on the SushiSwap decentralized exchange only, which has witnessed $454,000 in volume for the OMIC/USDC pair in the past 24 hours.
The bond-based yield farming project had begun life in early November as a fork of the OlympusDAO DeFi protocol, but other than that, it shares no other connection to the virus aside from its name.
Stock markets last week had slumped as the news of the new COVID variant spread, and Black Friday had recorded a huge sell-off that wiped out November gains for the S&P 500 Index and the Nasdaq Composite.
However, things are brighter now as the new week has begun with crypto markets back in the green after being fallen to their lowest levels since mid-October. Total market capitalization is up 5.6 per cent over the past 24 hours and is currently at $2.71 trillion.