Crypto Token ‘Omicron’ Gains In Value After New COVID-19 Variant Has Same Name

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Over the weekend, an Ethereum-based cryptocurrency named “Omicron” jumped 945% in value after the World Health Organization (WHO) named the new COVID-19 variant “Omicron.” The token originated earlier in November and appears to have risen for no reason other than the new strain of coronavirus. Currently, the Omicron crypto token, which is represented by the acronym OMIC, is currently trading at $ 576.48 (around Rs. 43,311), according to CoinGecko.

On Saturday November 27, the same Omicron token was trading at $ 65 (around Rs. 4,883) which then climbed to its all-time high of $ 689 (around Rs. 51,765) on Monday November 29.

This massive gain for the Omicron token was recorded despite the low that hit the global crypto market late last week.

As Omicron, the crypto token soars, its bizarre connection to the infectious new variant of COVID is drawing criticism online. The variant, which was first reported in South Africa on November 23, has been classified as “variant of concern” by the WHO.

An encryption token named after the new COVID-19 variant “Omicron” has grown by more than 650% in 3 days and is now worth more than $ 400 million.

If that isn’t a sign that we’re in a giant bubble, I don’t know what it is. pic.twitter.com/7ESD1v9wgF

– Mr. Whale (@CryptoWhale) November 28, 2021

Currently, OMIC can only be traded on SushiSwap, which is a decentralized exchange.

According to Coingecko, the total supply of the Omicron token is currently 2,430, which is worth $ 1.4 million (around Rs. 10 crore).

The total supply of this crypto token is capped at 1,000,000, leaving the majority of its tokens yet to be mined and traded.

Details on the current market capitalization and the outstanding supply of the OMIC token remain unclear at this time.

The token was created as a fork of the OlympusDAO DeFi protocol, built on the Ethereum blockchain.

This is the second recent case where a cryptocurrency, named as a global trending topic, has seen massive gains overnight. Earlier in November, a cryptocurrency called SQUID, inspired by the popular Netflix Squid Game series, also rose 600% before suddenly plunging 99.99% and leaving investors dry. The incident, believed to be a classic case of carpet pulling, is currently under investigation.

At this time, it is not known whether this token will continue to soar or fall given the infectious strain COVID-19 that worries governments around the world.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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