Crypto Token ‘Omicron’ Shoots Up in Value After New COVID-19 Variant Given the Same Name

This massive gain for the Omicron token was recorded despite the low that hit the overall crypto market towards the end of last week.

By Radhika Parashar | Updated: 29 November 2021 15:36 IST

Crypto Token ‘Omicron’ Shoots Up in Value After New COVID-19 Variant Given the Same Name

Photo Credit: Twitter/ Omicron

Omicron cryptocurrency, built on Ethereum, was launched in the beginning of November

Highlights

Sudden popularity of Omicron came despite overall crypto market dip
The crypto token shares name with infectious COVID-19 variant
The gain in OMIC token received criticism on Twitter

Over the weekend, an Ethereum-based cryptocurrency named “Omicron” surged by 945 percent in its value after the World Health Organisation (WHO) named the new COVID-19 variant “Omicron”. The token came into existence earlier in November and seems to have risen for no other reason than the newly named coronavirus strain. Currently, the Omicron crypto token, which is represented by the acronym OMIC, is presently trading at $576.48 (roughly Rs. 43,311), as per CoinGecko.

On Saturday, November 27 the same Omicron token was trading for $65 (roughly Rs. 4,883) that later shot up to trade at its all-time high of $689 (roughly Rs. 51,765) on Monday, November 29.

This massive gain for the Omicron token was recorded despite the low that hit the overall crypto market towards the end of last week.

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While Omicron, the crypto token is soaring high, its weird connection with the infectious new COVID variant is drawing some criticism online. The variant, that was first reported from South Africa on November 23 has been classified as a 'variant of concern' by the WHO.

A crypto token named after the new COVID-19 variant ‘Omicron' is up over 650% within the 3 days, and is now worth over $400 million.

If this isn't a sign we're in a giant bubble, I don't know what is. pic.twitter.com/7ESD1v9wgF
— Mr. Whale (@CryptoWhale) November 28, 2021

Presently, the OMIC can only be traded on SushiSwap, which is a decentralised exchange.

As per Coingecko, the total supply of the Omicron token is currently 2,430, which is worth $1.4 million (roughly Rs. 10 crore).

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The total supply of this crypto token is capped at 1,000,000 – leaving majority of its tokens to still be mined and traded.

Details about the current market cap and circulating supply of the OMIC token remains unclear as of now.

The token was created as a fork of the OlympusDAO DeFi protocol, built on the Ethereum blockchain.

This is the second instance in recent times when a cryptocurrency, named like a globally trending topic registered massive gains overnight. Earlier in November, a cryptocurrency called SQUID, inspired by the popular Netflix series Squid Game, also rose in value by 600 percent before suddenly nosediving by 99.99 percent and leaving investors high and dry. The incident, being suspected as a classic rug-pull case, is currently under investigation.

As of now, it remains unclear if this token will continue to soar or drop given the infectious COVID-19 strain that is worrying governments around the world.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Omicron, Cryptocurrency, SQUID, COVID-19, Omicron cryptocurrency

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More