The value of the cryptocurrency ‘Omicron’ has risen as a result of a new COVID-19 variant bearing the same name.

After the World Health Organization (WHO) designated the novel COVID-19 strain “Omicron,” an Ethereum-based cryptocurrency named “Omicron” saw a 945 percent increase in value over the weekend. The coin was created in November and appears to have surged solely due to the newly identified coronavirus strain. According to CoinGecko, the Omicron cryptocurrency is now trading at $576.48 (approximately Rs. 43,311).

The identical Omicron token was selling for $65 (approximately Rs. 4,883) on Saturday, November 27 before shooting up to $689 (about Rs. 51,765) on Monday, November 29.

Despite the general crypto market hitting a low at the end of last week, the Omicron coin has seen a tremendous increase.

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.

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