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Eruption of COVID-19 Variant leads to spike of Omicron token by 900%

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Omicron’s OMIC token hit an all-time high of $689, Mr. Whale cryptocurrency critic, commented the large price boost indicates that things are in a “giant bubble.”

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As a result of a very fast-spreading variant of COVID-19 by the same name, an obscure cryptocurrency known as Omicron (OMIC) has soared to an all-time high today.

This token has the same name as a new variant of the Covid-19 that was 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.

During the Monday morning Asian trading session, Omicron’s OMIC token hit an all-time high of $689. The move has added another 200% to the token’s current gains and a huge 945% since the token was trading at $65 on Saturday. Mr. Whale, a cryptocurrency critic, commented that the large price boost indicates that things are in a “giant bubble.”

About Omicron

OMICRON is a decentralized reserve currency protocol running on the Ethereum layer two network arbitrum. The token is backed by a number of other cryptocurrencies including the USDC stablecoin and liquidity providers. There has been $454,000 in volume for the OMIC/USDC pair on the SushiSwap decentralized exchange over the past 24 hours, according to CoinGecko. The token analytics website does not have additional information about OMIC supply or market cap.

Bond-based yield farming originated from the OlympusDAO DeFi protocol during the first half of November, but other than the name, it has no connection to the virus. Last week, the stock market slumped due to the announcement of COVID-19 variant and Black Friday which led to a huge sell-off that erased November gains for both the S&P 500 Index and Nasdaq Composite.

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