Omicron (OMIC), an unsuspectingly named cryptocurrency, skyrocketed in value by 900 percent over this final weekend of November.
The relatively unknown crypto coincidentally shares a name with the new fast-spreading variant of Covid-19 that was discovered in South Africa.
The B.1.1.529 strain was named after the fifteenth letter of the Greek alphabet by the World Health Organisation (WHO) on Friday 26.
Whilst leading currencies such as Bitcoin and Ethereum slumped over the weekend, Omicron went from £49 at noon on Saturday 27 to £515 by the early hours of Monday 29.
Not much is known about the cryptocurrency, having only came into existence earlier in November and hosting a fairly barebones website. It describes itself as a “decentralised currency protocol built on Arbitrum”.
Currently trading at around £250 at the time of publication, Omicron is looking like another of many quick rises and falls that occur daily in the volatile cryptocurrency market.
The rise of Omicron is reminiscent of the SQUID token situation from late October in which the crypto, unofficially named after the popular Netflix show Squid Game, pumped by thousands of percent only to fall by 99.99 percent in a sudden nosedive.
Whilst Omicron may not be a “rug pull” in the same sense as SQUID token was, it certainly demonstrates the hyper-speculative nature of the cryptocurrency market, especially as coins’ market caps start to shrink.
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