Over the weekend, the value of an Ethereum-based cryptocurrency called “Omicron” increased by 945 percent when the World Health Organization (WHO) designated the new COVID-19 variant “Omicron.” The token appeared earlier in November and appears to have arisen only as a result of the newly designated coronavirus strain. According to CoinGecko, the Omicron crypto currency, abbreviated OMIC, is currently trading at $576.48 (approximately Rs. 43,311).
On Saturday, November 27, the same Omicron token was trading for $65 (about Rs. 4,883) before skyrocketing to an all-time high of $689 (approximately Rs. 51,765) on Monday, November 29.
Despite the fact that the general crypto market struck a low at the conclusion of last week, the Omicron coin experienced a tremendous increase.
While Omicron, the crypto coin, is skyrocketing in value, its strange association with the contagious new COVID version is causing some consternation online. The WHO has designated the variety, which was initially reported from South Africa on November 23, as a ‘variant of concern.’
At the moment, the OMIC may only be exchanged on SushiSwap, a decentralised exchange.
This is the second time in recent history that a cryptocurrency named after a globally prominent issue has experienced huge increases overnight. Earlier in November, SQUID, a cryptocurrency inspired by the famous Netflix comedy Squid Game, soared in value by 600 percent before plummeting by 99.99 percent, leaving investors high and dry. The event, which is being investigated as a classic rug-pull case, is now being investigated.
The Omicron coin is currently worth $404, representing a 735 percent increase from its all-time low on November 17. So far, $671,081 has been placed within its rules, resulting in breathless anticipated annual profits of 70,377 percent for stakeholders.
According to the trading site CoinGecko, 69 percent of users have a positive attitude about the coin.