Omicron token is up 900% but why?

An unknown coin rose sharply and made a huge profit only because it shares its name with the latest COVID variant known as Omicron.

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An unknown coin rose sharply and made a huge profit only because it shares its name with the latest COVID variant known as Omicron.

As a new COVID variant was identified and named Omicron by WHO, the Omicron token (OMIC) surged and hit a new ATH. This coin was not a popular one and only gained popularity for its homonymy with the COVID variant. 

As a fork of the OlympusDAO DeFi protocol, this lucky token, Omicron, was created in November 2021. It’s a yield farming project that is based on bonds, and it has nothing to do with the latest version of the Corona Virus.

During the early Asian trading session on Monday, OMIC reached $689, hitting a new ATH. On Saturday, the token was trading at $65 and it has made a 945% gain since then. Omicron’s token, OMIC, reached an all-time high of $689 during the early Asian trading session on Monday. The token has gained another 200 percent today, bringing its total gain to a whopping 945 percent since Saturday, when it was trading at around $65 per token.  

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OMIC/USD 7days. Source: CoinGecko

No one would have guessed that naming a new COVID variant after the 15th letter of the Greek alphabet could cause such a massive pump in the price of a token that only shares a name with it.

This dramatic jump in the OMIC’s price is characterized as a "giant bubble," says Crypto critic Mr. Whale.

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Source: Twitter

What is Omicron?

It’s a reserve currency protocol that is on Arbitrum, the Ethereum layer-two network, and, of course, it’s decentralized. Omicron was launched in November and its token is backed by cryptocurrencies such as USD Coin (USDC), stablecoin, and liquidity provider tokens, among other digital assets.

The OMIC/USDC pair has witnessed $454,000 in volume in the last 24 hours on the SushiSwap decentralized exchange. When word of the new COVID-19 variant was leaked late last week and the massive sell-off on Black Friday, the S&P 500 and Nasdaq Composite indexes lost all of their November gains.

The cryptocurrency market is always a high-risk one. So always DYOR and don't buy or sell any digital asset without  

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Tags

Arbitrum

COVID-19

OMIC

Omicron token

Tags

Arbitrum

COVID-19

OMIC

Omicron token