Over the weekend, an Ethereum-based cryptocurrency named “Omicron” surged by 945 p.c in its worth after the World Well being Organisation (WHO) named the brand new COVID-19 variant “Omicron”. The token got here into existence earlier in November and appears to have risen for no different purpose than the newly named coronavirus pressure. At present, the Omicron crypto token, which is represented by the acronym OMIC, is presently buying and selling at $576.48 (roughly Rs. 43,311), as per CoinGecko.
On Saturday, November 27 the identical Omicron token was buying and selling for $65 (roughly Rs. 4,883) that later shot as much as commerce at its all-time excessive of $689 (roughly Rs. 51,765) on Monday, November 29.
This huge acquire for the Omicron token was recorded regardless of the low that hit the general crypto market in the direction of the tip of final week.
Whereas Omicron, the crypto token is hovering excessive, its bizarre reference to the infectious new COVID variant is drawing some criticism on-line. The variant, that was first reported from South Africa on November 23 has been categorized as a ‘variant of concern’ by the WHO.
A crypto token named after the brand new COVID-19 variant ‘Omicron’ is up over 650% throughout the 3 days, and is now value over $400 million.
If this is not an indication we’re in a large bubble, I do not know what’s. pic.twitter.com/7ESD1v9wgF
— Mr. Whale (@CryptoWhale) November 28, 2021
Presently, the OMIC can solely be traded on SushiSwap, which is a decentralised change.
As per Coingecko, the full provide of the Omicron token is at the moment 2,430, which is value $1.4 million (roughly Rs. 10 crore).
The entire provide of this crypto token is capped at 1,000,000 – leaving majority of its tokens to nonetheless be mined and traded.
Particulars concerning the present market cap and circulating provide of the OMIC token stays unclear as of now.
The token was created as a fork of the OlympusDAO DeFi protocol, constructed on the Ethereum blockchain.
That is the second occasion in latest instances when a cryptocurrency, named like a globally trending subject registered huge beneficial properties in a single day. Earlier in November, a cryptocurrency known as SQUID, impressed by the favored Netflix collection Squid Sport, additionally rose in worth by 600 p.c earlier than all of the sudden nosediving by 99.99 p.c and leaving buyers excessive and dry. The incident, being suspected as a basic rug-pull case, is at the moment beneath investigation.
As of now, it stays unclear if this token will proceed to soar or drop given the infectious COVID-19 pressure that’s worrying governments world wide.
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