Bitcoin, Ethereum and global markets experienced some downward price trend following the emergence of the fast-spreading Omicron COVID-19 variant, but relatively new crypto named Omicron has seen a massive spike. By Monday, the token OMIC surged by 945 per cent since Saturday to reach an all-time high of $689 (€610).
The token coincidently bears the same name as the COVID-19 variant that was found on November 23 in South Africa.
The B.1.1.529 strain was named after the fifteenth letter of the Greek alphabet by the World Health Organization (WHO) on Friday.
The token came into existence earlier in November and appears to have risen for no other reason than the newly-named coronavirus strain.null
A similar occurrence happened with the cryptocurrency SQUID, which is inspired by the hit Netflix series Squid Game.
Earlier in November, the crypto rose by 600 per cent but suddenly nosedived by 99.99 per cent. The incident left investors high and dry and is now currently under investigation.
Omicron’s official website describes itself as a “decentralised currency protocol built on Arbitrum”.
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