[ad_1]
Written by Shankhyaneel Sarkar | Edited by Poulomi Ghosh, Hindustan Times, New Delhi
An obscure cryptocurrency named Omicron surged after the World Health Organization (WHO) named the variant of the coronavirus first found in countries in southern Africa, South Africa and Botswana . Cryptocurrency experts say the currency surged due to a name similar to the new variant of the coronavirus.
News of the Covid-19 variant affected global markets as well as cryptocurrencies, but the Omicron coin remained resilient, according to finance and cryptocurrency news site CoinDesk.
OMIC, the native coin of the decentralized reserve currency protocol, bid almost $ 70 earlier on Friday and rose to $ 711 on Sunday, according to the CoinDesk report citing crypto.com.
The report also pointed to the increase as an example of a “peak of irrationality” since the cryptocurrency rallied due to its name resembling the Covid-19 variant. He also said that OMIC is far from being an “active refuge”. The OMIC coin is built on Ethereum Arbitrum scaling technology, CoinDesk said in its report.
The Bond Based Yield Farming project started in early November as a fork of the OlympusDAO DeFi protocol. The token rose to $ 689 on Monday.
Receive our daily news capsule
Subscribe
Thank you for subscribing to our Daily News Capsule newsletter.
Close story
|
Sources 2/ https://www.hindustantimes.com/business/omicron-crypto-token-surges-to-record-highs-after-new-covid-variant-is-named-101638200074653.html The mention sources can contact us to remove/changing this article |
[ad_2]