Home News Obscure Omicron token spikes 900% after new variant emerges

Obscure Omicron token spikes 900% after new variant emerges

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After a new fast-spreading COVID-19 version was named after it, Omicron (OMIC), a relatively obscure cryptocurrency, has climbed to a new all-time high today.

Omicron’s OMIC token hit an all-time high of $689 during the early am Asian trading session on Monday. The move has pushed the token’s value up another 200% on the day, bringing its total gain to 945% since Saturday, when it was trading at around $65.

OMIC/USD 7days – Coingecko.com

The token dubbed after a new Covid-19 type discovered in South Africa on Nov. 23. The World Health Organization gave the fast-spreading B.1.1.529 strain the moniker, which is the fifteenth letter in the Greek alphabet.

The big price surge, according to cryptocurrency critic “Mr. Whale“, is an indication that the market is in a “giant bubble”.

Late last week, news of the new COVID variant caused a massive sell-off on Black Friday

Omicron is a decentralised reserve money system hosted by the Ethereum layer two network Arbitrum. The OMIC token backs both the USDC stablecoin and the liquidity provider tokens.

According to CoinGecko, the OMIC/USDC pair has witnessed $454,000 in trading over the last 24 hours on the SushiSwap decentralised exchange. OMIC supply and market cap are not on the list of the token analytics website.

In early November, the bond-based yield farming project was born as a branch of the OlympusDAO DeFi protocol, however, it shows no relation to the virus saves for its name.

Late last week, news of the new COVID variant spread sent stock markets plunging, and a massive sell-off on Black Friday wiped away the S&P 500 Index and the Nasdaq Composite’s November gains.

As the new week begins, things are looking good for crypto markets. Which are back in the black after falling to their lowest levels since mid-October on Saturday. The overall market value is currently $2.71 trillion, up 5.6% in the previous 24 hours, according to CoinGecko.

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