Omicron Dark Token increases 900% after new variant emerges

A relatively obscure cryptocurrency called Omicron (OMIC) hit an all-time high today as a new, rapidly spreading COVID-19 variant was dub...


A relatively obscure cryptocurrency called Omicron (OMIC) hit an all-time high today as a new, rapidly spreading COVID-19 variant was dubbed with the same name.

Omicron’s OMIC token hit an all-time high of $ 689 a few hours ago during the Asian trading session on Monday morning. The move added another 200% gain on the day for the token and a whopping 945% since Saturday, when it traded around $ 65.

OMIC / USD 7 days – Coingecko.com

The token shares its name with a new variant of Covid-19 which was first discovered in South Africa on November 23. The World Health Organization named the rapidly spreading strain B.1.1.529 after the 15th letter of the Greek alphabet.

Crypto critic “Mr. Whale” commented that the massive price spike was a sign that things are in a “giant bubble”.

Omicron is a decentralized reserve currency protocol that runs on the Ethereum Layer Two Arbitrum network. Its native OMIC token is backed by several other crypto assets, including the USDC stablecoin and liquidity provider tokens.

It can only be traded on the decentralized exchange SushiSwap which recorded a volume of $ 454,000 for the OMIC / USDC pair in the last 24 hours according to CoinGecko. The token analysis website does not have more details on OMIC’s supply or market capitalization.

The Bond-Based Yield Farming Project began in early November as a fork of the OlympusDAO DeFi Protocol, but it does not share any other link with the virus apart from the name.

Related: Bitcoin Falls Below $ 54,000, Shares Sell After New COVID-19 Variant Emerged

At the end of last week, the stock markets slumped as news of the new COVID variant spread and Black Friday saw a massive sell-off that wiped out November’s gains for the S&P 500 Index and the Nasdaq Composite.

However, things are looking up as the new week begins with crypto markets back in the green at the time of writing after falling to their lowest levels since mid-October on Saturday. The total market cap has grown 5.6% in the past 24 hours and currently stands at $ 2.71 trillion according to CoinGecko.



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Newsrust - US Top News: Omicron Dark Token increases 900% after new variant emerges
Omicron Dark Token increases 900% after new variant emerges
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