The price of a fairly minuscule virtual currency known as Omicron (OMIC) has risen to an all-time high at the moment, as a new fast-spreading COVID-19 variation bearing the same moniker has gained popularity.
Only a few hours ago, the OMIC token reached an all-time high of $689 during the early morning Asian trading period on Monday.
The surge has resulted in another 200% increase for the unit on the day and a stunning 945% increase since Saturday when it was going at around $65.
Named After COVID-19 Mutated Variant
The token takes its name from a new COVID-19 strain that was found in South Africa on November 23 and has been in circulation since then. The fast-spreading B.1.1.529 variant was given this designation by the World Health Organization in honor of the fifteenth character of the Greek alphabet.
Mr. Whale, a cryptocurrency critic, stated that the enormous price increase was an indication that the cryptocurrency market was in a “huge bubble.”
Omicron is a decentralized reserve money protocol that functions on the Ether layer 2 network Arbitrum, which is built on top of the Ethereum blockchain. In addition to the USDC Stablecoin and cash flow provider tokens, the company’s indigenous OMIC token is supported by a number of other crypto assets.
Currently, the OMIC/USDC pair may only be exchanged on the SushiSwap decentralized exchange platform, which has witnessed a total of $454,000 in trading activity over the past 24 hours, according to data from CoinGecko.
Equity Markets Took A Dive
The token monitoring website, CoinGecko does not provide any additional information on the OMIC circulation or market capitalization.
The bond-based return farming initiative began life as a derivative of the OlympusDAO DeFi technology in early November, but it has no other relationship to the disease other than the name of the disease.
Equity markets tumbled late last week as word of the new COVID variation spread, and Black Friday saw a big sell-off that erased all of November’s profits for the S&P 500 Index and the Nasdaq Composite Index, among other things.
Despite the jittery market environment, Pfizer, one of the leading manufacturers of COVID-19 vaccines, was up 7% at the New York Stock Exchange at the time. The S&P 500, on the contrary, was down 1.5%.
On the other hand, things are looking up as the new week gets underway, with cryptocurrency markets back in positive territory at the time of writing, after plummeting to their lowest rate since mid-October on Saturday.
According to CoinGecko, the total market value has increased by 5.6% in the last 24 hours and is presently valued at $2.71 trillion.
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