Crypto currency OMIC hits all-time highwritten by Bella Palmer
The token hit an all-time high of $689 during the Asian trading session on Monday
A relatively obscure crypto currency called Omicron (OMIC) has surged to an all-time high today as a new fast-spreading COVID-19 variant got christened with the same name.
Omicron’s OMIC token hit an all-time high of $689 a couple of hours ago during the Monday morning Asian trading session. The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65.
The token shares its name with a new Covid-19 variant that was first discovered in South Africa on Nov. 23. The World Health Organization (WHO) named the fast-spreading B.1.1.529 strain after the fifteenth letter of the Greek alphabet.
Crypto critic ‘Mr. Whale’ commented that the massive price spike was a sign that things are in a ‘giant bubble.’
Omicron is a decentralized reserve currency protocol that runs on the Ethereum Layer 2 network Arbitrum. Its native OMIC token is backed by several other crypto assets including the USDC stablecoin and liquidity provider tokens.
It can only be traded on the SushiSwap decentralized exchange which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours according to CoinGecko. The token analytics website has no further details on OMIC supply or market cap.
The bond-based yield farming project began life in early November as a fork of the OlympusDAO DeFi protocol, but it shares no other connection to the virus aside from the name.
Late last week, stock markets slumped as the news of the new COVID variant spread and Black Friday saw a massive sell-off that wiped out November gains for the S&P 500 Index and the Nasdaq Composite.
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