Omicron crypto surges after naming of new Covid-19 variant

Lesser-known cryptocurrency, “Omicron”, surged in value over the weekend following the World Health Organisation’s (WHO) decision to give a new Covid-19 variant the same name, Gadgets 360 reported.

On Saturday, 27 November, Omicron was valued at $65 (R1,053) and later shot up to an all-time high of $689 (R11,157) on Monday, 29 November.

At the time of writing, the cryptocurrency had dropped to the value of $405 (R6,547).

The sudden increase in value for the cryptocurrency — represented by the acronym OMIC — seems to be solely related to naming the new Covid-19 variant.

OMIC launched earlier in November. Its price surged over the weekend despite a broad selloff in the cryptocurrency market following the announcement of the new Covid-19 variant.

Omicron (OMIC) 7-day chart. CoinGecko

The token was created as a branch of the OlympusDAO decentralised finance protocol, built on the Ethereum blockchain.

Omicron, in particular, is only available on the Arbitrum One scaling layer for Ethereum and is described as “a decentralized reserve currency protocol on the Arbitrum Network”.

Congestion on the Ethereum blockchain has led to the emergence of several scaling solutions, such as Arbitrum, Polygon, and Optimism.

WHO designated Omicron a Variant of Concern and assigned it the name on Friday, 26 November.

Currently, OMIC can only be traded on the decentralised exchange SushiSwap, and according to CoinGecko, has a total supply of 2,340.

With a total supply cap of 1,000,000, the majority of Omicron’s tokens are yet to be minted.


Now read: Binance reopens Dogecoin withdrawals after Elon Musk fight

Latest news

Partner Content

Show comments

Recommended

Share this article
Omicron crypto surges after naming of new Covid-19 variant