Omicron (OMIC) Crypto Gains 10x in Two Days after New COVID Variant Emerges

Source : coinspeaker.com

Currently, Omicron (OMIC) crypto can only be traded on the decentralized exchange (DEX) SushiSwap which has seen $454,000 in volume for the OMIC/USDC pair in the last 24-hours.

An obscure crypto Omicron (OMIC) surged to a new all-time high above $700 on Sunday, November 28, gaining 10x or 900% in a matter of just two days. As of press time, Omicron is currently trading at 86% up at $579.

Over the weekend, the OMIC crypto price skyrocketed all the way from $70 to more than $700. The rally came after WHO gave a similar name to a new COVID variant recently coming out of South Africa. While the broader crypto market corrected heaving last Friday, it was surprising to see Omicron making these massive gains.

The World Health Organization named the fast-spreading B.1.1.529 strain after the fifteenth letter of the Greek alphabet. A crypto market critic who goes by the name Mr. Whale noted that such events suggest signs of an absolute bubble in the market. On the Twitter handle, Mr. Whale noted:

“A crypto token named after the new COVID-19 variant ‘Omicron’ is up over 650% within the 3 days, and is now worth over $400 million. If this isn’t a sign we’re in a giant bubble, I don’t know what is.”

Well, we cannot completely reject the absurdity that’s playing out. Over the last Friday, the broader crypto market entered a deep correction. Bitcoin and the overall altcoin space lost more than 10% in a matter of a few hours eroding billions of dollars worth of investors’ wealth. The crypto market crash followed the crash in the global indices.

About the Omicron Protocol and the OMIC Crypto

Omicron, a decentralized reserve currency protocol runs on the Ethereum Layer 2 network Arbitrum. The native cryptocurrency OMIC has been backed by several other digital currencies such as USDC stablecoin and other liquidity provider tokens.

Currently, the Omicron (OMIC) crypto can only be traded on the decentralized exchange (DEX) SushiSwap which has seen $454,000 in volume for the OMIC/USDC pair in the last 24-hours.

Omicron came into existence in early November as a fork of the OlympusDAO DeFi protocol. Of course, the token has no other connection with the virus except for the same.

The broader crypto market has been under strong correction recently with Bitcoin facing a strong upward. Last week, the correction in global stock markets also dragged down several cryptocurrencies.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.