A comparatively obscure cryptocurrency known as Omicron (OMIC) rose to an all-time excessive right this moment when a brand new fast-spreading variant of COVID-19 was baptized with the identical title.

Omicron’s OMIC token hit an all-time excessive of $ 689 a couple of hours in the past throughout Monday morning’s Asian buying and selling session. The transfer added one other 200% to the token that day and a whopping 945% since Saturday when it traded round $ 65.

OMIC / USD 7 days – Coingecko.com

The token shares its title with a brand new variant of Covid-19, which was first found in South Africa on November 23. The World Well being Group named the quickly increasing pressure B.1.1.529 after the fifteenth letter of the Greek alphabet.

Crypto critic “Mr. Whale “commented that the huge worth hike is an indication that issues are in a” large bubble “.

A crypto token named after the brand new COVID-19 variant “Omicron” has risen by over 650% inside 3 days and is now value over 400 million US {dollars}.

If this is not an indication that we’re in an enormous bubble, then I do not know. pic.twitter.com/7ESD1v9wgF

– Mr. Whale (@CryptoWhale) November 28, 2021

Omicron is a decentralized reserve foreign money protocol that runs on the Ethereum Layer-2 community Arbitrum. Its native OMIC token is backed by a number of different crypto belongings, together with the USDC stablecoin and liquidity supplier tokens.

It may well solely be traded on the decentralized trade SushiSwap, which in keeping with CoinGecko has achieved a quantity of USD 454,000 for the OMIC / USDC pair within the final 24 hours. The token evaluation web site doesn’t present any additional particulars on OMIC’s providing or market capitalization.

The bond-based yield farming mission started in early November as a fork of the OlympusDAO-DeFi protocol, however has no different reference to the virus aside from title.

Associated: Bitcoin falls under $ 54,000, inventory bought after a brand new variant of COVID-19 emerged

Inventory markets slumped late final week because the information of the brand new variant of COVID unfold and Black Friday noticed a large sell-off that worn out November features on the S&P 500 Index and the Nasdaq Composite.

Issues are wanting higher, nevertheless, as the brand new week kicks off with crypto markets which can be again within the inexperienced on the time of writing, having dropped to their lowest stage since mid-October on Saturday. Whole market cap is up 5.6% prior to now 24 hours and presently stands at $ 2.71 trillion, in keeping with CoinGecko.

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