Omicron is the name of the latest, most dangerous COVID-19 strain. It is also the coincidental name of a tiny cryptocurrency that started rocketing adding around 500% in the days since the World Health Organization (WHO) named the new dangerous strain of COVID-19 after it.
Omicron (OMIC), a cryptocurrency that is described as "a decentralized treasury-backed currency protocol" built on Ethereum scaling technology Arbitrum and launched just weeks ago around noon on November 27, can only be traded on the controversial decentralized exchange SushiSwap.
The price of omicron's omic coin has soared from around $50 to almost $400 in the last few days, as measured by cryptocurrency price data tracker CoinGecko. Despite its surge, neither CoinGecko nor the Crypto.com bitcoin and crypto exchange has enough data on omicron to give it a market capitalization.
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| The price of omicron's omic cryptocurrency chart. |
From $400 pint, the token corrected to a low of $260 before a further push to its current $367. Not bad for a cryptocurrency that shares a name with the sixth deadliest pandemic of all time.
Unlike previous projects, such as an amateurish crypto project inspired by the viral Squid Game TV show but unaffiliated with it or Netflix saw its squid cryptocurrency add many thousands of per cent before crashing back to almost nothing.
Omicron (OMIC) case is all about (un)fortunate coincidence. The token was created in early November as a fork of Olympus on the Arbitrum Network.
The Omicron protocol plays with a relationship between stakers and bonders to ensure a return over a given period of time.
Meanwhile, bitcoin and crypto market watchers are broadly upbeat despite the new Covid-19 variant sending the bitcoin price into meltdown last week.
According to Forbes, "The news of a new Covid variant coming out of South Africa led to a broad-based sell-off across asset classes," Martha Reyes, head of research at digital asset prime brokerage and exchange Bequant, said in emailed comments. "If lockdowns do ensue, which is not our base case scenario, that will lead to further helicopter money, which ultimately benefits digital assets."
The crypto sell-off this week, which saw the bitcoin price fall in line with traditional markets, surprised some in the crypto industry who are used to crypto prices moving independently of stocks and traditional assets.
However, as long as there is an opportunity to make money, speculators will not hesitate to invest, even if it is not the most pleasant project in the world.
If you are interested in buying some Omicron, the only option, for now, is through Sushiswap. There is no centralized exchange with support for cryptocurrency.
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