A relatively obscure cryptocurrency called Omicron (OMIC) has surged to a record-breaking high as another quick spreading COVID-19 variation got dedicated with a similar name. Omicrons OMIC token hit an unsurpassed high of $689 several hours prior during the Monday morning Asian trading session. The move has included another 200% additions the day for the token and an incredible 945% since Saturday when it was exchanging around $65. The token shares its name with another Covid-19 variation that was first found in South Africa on Nov. 23.
Crypto critic “Mr. Whale” commented that the massive price spike was a sign that things are in a “giant bubble.”
The World Health Organization named the fast-spreading B.1.1.529 strain after the fifteenth letter of the Greek alphabet.
Omicron is a decentralized reserve currency protocol that runs on the Ethereum layer two network Arbitrum. Its native OMIC token is backed by several other crypto assets including the USDC stablecoin and liquidity provider tokens.
The bond-based yield farming project began life in early November as a fork of the OlympusDAO DeFi protocol, but it shares no other connection to the virus aside from the name.
It can only be traded on the SushiSwap decentralized exchange which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours according to CoinGecko. The token analytics website has no further details on OMIC supply or market cap.
Late last week, stock markets slumped as the news of the new COVID variant spread and Black Friday saw a massive sell-off that wiped out November gains for the S&P 500 Index and the Nasdaq Composite.
However, things are looking brighter as the new week begins with crypto markets back in the green at the time of writing after falling to their lowest levels since mid-October on Saturday. Total market capitalization is up 5.6% over the past 24 hours and is currently at $2.71 trillion according to CoinGecko.
News Summary:
- Dark Omicron Token Rises 900% After New Variant Emerges
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