Omicron Cryptocurrency Surges After New Covid Variant is Named

Omicron cryptocurrency surges 900% after WHO gives the new Covid variant the same name.

As the global crypto market fell last week after the news broke about a new Covid variant, one crypto called the Omicron, with the same name as the new variant rose to new highs. The crypto is reported to have surged about 900% in the last two days. This development comes days after BTC dived over 9% on last week Friday, dragging smaller tokens along with it, after the discovery of a new vaccine-resistant coronavirus saw investors dumping riskier assets for the estimated safety of their bonds.

The news of the Covid-19 variant affected the world markets along with cryptocurrencies, but the Omicron crypto seemed to have weathered the storm. The price of this lesser-known digital currency, whose Twitter feed had almost less than 1000 followers, rose 10-fold from Friday to Monday morning as it hit US$688 and then diving as much as 75%. Omicron crypto is currently trading at US$409.41 and is down by 36.07%, in the last 24 hours, according to coinmarketcap.

Crypto reports from financial institutions have highlighted that the rise is an example of irrationality since the crypto rallied owing to its name's likeness to the Covid-19 variant. It is also mentioned that the OMIC token is far from being a safe investment. It is built on the Ethereum network with the scaling technology of Arbitrum.

Let's Dive More into the Omicron Crypto

Omicron is a decentralized reserve currency protocol available on the Arbitrum network based on the OMIC token. Each OMIC token is backed by a hoard of assets in the OMIC treasury, giving it an intrinsic value that it cannot fall below. OMIC also introduces unique economic and game-theoretic dynamics through staking and bonding cryptos.

Experts have requested investors be careful and consider their investments in the OMIC token as very little is known about the cryptocurrency and, there is not much data available about the existence of the token. They are trying to prevent similar instances like the Squid Game crypto.