A new Coronavirus variant has been discovered, at first initially in South Africa and Israel but has since spread to dozens of countries around the world. The fear associated with the advent of this new mutated virus has hit the markets hard, including the crypto sector that was hovering around 7 weeks low just earlier today. However, the latest Covid-19 mutation has uplifted at least one thing that we know of; a cryptocurrency that shares its name; Omicron (OMIC).
After it was found out that the new Omicron variant was rampantly spreading across the world, most of the markets tanked around the world including crypto to some extent. However, as soon as some FOMO investors found out that the variant shared its name with a previous crypto project, it soon skyrocketed. OMIC started Saturday at around $65 after being traded sideways for much of its 20-day existence. However, after the news regarding Omicron variant arrived in Friday, it was only a matter of time before the meme investors and heavily FOMO ones identified this crypto and went completely berserk with it. Within less than 48 hours, the digital currency had risen more than 1,000% to go as high as $655 from its starting value of $65, marking a massive price increment. The current total market capitalization of the digital currency is $374 million at press time. Down from upwards of $500 million during the pump earlier in the day.
However, just like all pumped coins, the rise didn’t sustain itself very well. At press time, it has now shed value back to $345 capping a 47% price reduction. However, even now, the digital currency is at 500% from its starting value of Saturday.
According to crypto trader Mr Whale:
A crypto token named after the new COVID-19 variant ‘Omicron’ is up over 650% within the 3 days, and is now worth over $400 million.
If this isn’t a sign we’re in a giant bubble, I don’t know what is. pic.twitter.com/7ESD1v9wgF
— Mr. Whale (@CryptoWhale) November 28, 2021
Omicron is a bond-based yield farming project that only went public earlier this month. It started as a fork of the bigger Olympus DAO DeFi Protocol. It runs on Ethereum’s popular layer 2 network Arbitrum that makes it possible to harness the utilities of the second largest blockchain network without overpopulating it. Currently, the only registered cryptocurrency exchange where you can trade it is called SushiSwap, which like Uniswap (UNI) is a fully functional decentralized digital currency exchange.
Only time can tell whether Omicron has the usage or backing of enough investors to carry on with this massive progress.
Image Source: pixabay.com
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