After the World Health Organization (WHO) designated the new COVID-19 strain “Omicron,” the value of an Ethereum-based cryptocurrency called “Omicron” soared by 945 percent over the weekend. The token was created in November and appears to have increased solely due to the newly named coronavirus strain. According to CoinGecko, the Omicron cryptocurrency, also known as OMIC, is currently trading at $576.48 (approximately Rs. 43,311).
On Saturday, November 27, the same Omicron token was trading for $65 (approximately Rs. 4,883), then on Monday, November 29, it hit an all-time high of $689 (about Rs. 51,765).
Despite the fact that the general crypto market struck a bottom at the conclusion of last week, the Omicron coin saw a tremendous rise.
While Omicron, the crypto coin, is on the rise, its strange link to a new COVID variation is causing some consternation on the internet. The WHO has classed the variety as a ‘variant of concern,’ which was initially reported from South Africa on November 23.
The OMIC is now only available for trading on SushiSwap, a decentralized exchange.
The total quantity of Omicron tokens is presently 2,430, worth $1.4 million, according to Coingecko (roughly Rs. 10 crores).
This crypto token’s total supply is limited at 1,000,000, meaning that the majority of its tokens can still be mined and exchanged.
As of currently, there are no details on the OMIC token’s current market capitalization or circulating supply.
The coin is a fork of the Ethereum-based OlympusDAO DeFi technology.
This is the second time in recent months that a cryptocurrency named after a globally popular issue has seen significant growth in a single day. SQUID, a cryptocurrency inspired by the famous Netflix comedy Squid Game, increased in value by 600 percent in November before plummeting by 99.99 percent, leaving investors high and dry. The event is presently being investigated as a traditional rug-pull case.
Given the contagious COVID-19 strain that is alarming governments throughout the world, it is now uncertain if this token will continue to rise or fall.