Omicron Cryptocurrency sees 900% surge days after new COVID variant emerges with same name

Omicron (OMIC), a relatively unkwn cryptocurrency, has risen to an all-time high today after a new fast-spreing COVID-19 variation was given same name. During Monday morning Asian tring session, Omicron's OMIC token reached an all-time high of $689. move has increased token's value by ar 200% on day and by a stunning 945 % since Saturday when it was tring around $65.

token is named after a COVID-19 variant that was found on vember 23 in South Africa. fast-spreing B.1.1.529 strain was named after fifteenth letter of Greek alphabet by World Health Organization. big price surge is receiving mixed responses from crypto critics on Twitter.

Omicron Crypto OMIC sees 900% surge after new COVID variant emerges

On Ereum layer two network Arbitrum, Omicron is a decentralised reserve money system. USDC stablecoin and liquidity provider tokens are among crypto assets backing its native OMIC token. It can only be exchanged on SushiSwap decentralised exchange, which according to CoinGecko has h $454,000 in tring for OMIC/USDC pair in last 24 hours. re are ditional statistics on OMIC supply or market cap on token analytics website.

Why is omicron omic going up?

bond-based yield farming project originated as a fork of OlympusDAO DeFi protocol in early vember, but it has more ties to virus except name. news of new COVID variation spre sent stock markets tumbling late last week, and Black Friday saw a big sell-off that wiped away vember gains for S&P 500 Index and Nasdaq Composite. However, as new week begins, things are looking up, with crypto markets back in black at time of writing, after plummeting to ir lowest levels since mid-October on Saturday. According to CoinGecko, total market value has increased by 5.6% in last 24 hours to $2.71 trillion.

Omicron covid variant emerged in South Africa 

On vember 24, 2021, B.1.1.529 variant was initially reported to WHO by South Africa. In South Africa, epidemiological situation has been marked by three different peaks in reported cases, most recent of which was dominated by Delta strain. Infections have risen sharply in recent weeks, corresponding with discovery of B.1.1.529 strain. A specimen collected on vember 9, 2021, was first reported verified B.1.1.529 infection. re are numerous mutations in this variation, some of which are problematic. In comparison to or VOCs, preliminary research suggests that this variation has a higher risk of reinfection. In nearly all of South Africa's provinces, number of occurrences with this variation appears to be increasing. This variation is still detected by current SARS-CoV-2 PCR diagstics.

(IM: SHUTTERSTOCK)