The news of the Covid-19 variant affected world markets along with cryptocurrencies but the Omicron coin remained resilient, according to finance and cryptocurrency news website CoinDesk.
Written by Shankhyaneel Sarkar | Edited by Poulomi Ghosh, Hindustan Times, New Delhi
An obscure cryptocurrency named Omicron surged after the World Health Organization (WHO) named the coronavirus variant first found in southern African nations South Africa and Botswana. Cryptocurrency experts say that the currency surged owing to a similar name to that of the new variant of Coronavirus.
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The news of the Covid-19 variant affected world markets along with cryptocurrencies but the Omicron coin remained resilient, according to finance and cryptocurrency news website CoinDesk.
OMIC, the native coin of decentralized reserve currency protocol, picked up a bid near $70 earlier on Friday and rose to $711 on Sunday, the CoinDesk report said citing crypto.com.
The report also highlighted the rise as an example of ‘peak irrationality’ since the cryptocurrency rallied owing to its name’s likeness to the Covid-19 variant. It also said that OMIC is far from being a ‘safe haven asset’. The OMIC coin is built on Ethereum scaling technology Arbitrum, CoinDesk said in its report.
The bond-based yield farming project started out in early November as a fork of the OlympusDAO DeFi protocol. The token rose to $689 on Monday.
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