Key Takeaways:
- Omicron token has increased by 900%, owing to the name similarity with a new COVID variant, rising from the mid $60 to an all-time high of $675 in just two days.
- Omicron is a new decentralized reserve money protocol that relies on Ethereum’s Arbitrum layer-two network. The USD Coin (USDC) stablecoin and liquidity provider tokens are the crypto assets backing its native OMIC token.
New coins keep popping up in the crypto realm. For example, over the previous 48 hours, the price of a relatively unknown cryptocurrency called Omicron (OMIC), which shares its name with the new COVID-19 edition, has increased by more than 900%.
The aptly called crypto had little trade volume and awareness before the WHO dubbed the B.1.1.529 COVID-19 variant Omicron. Therefore, its present popularity, like that of many other craze coins, could be fleeting. However, Omicron has the potential to stay afloat despite stalwarts like Bitcoin or Ethereum falling around it, given that some meme coins like Shiba Inu achieved prominence for far less than a name that sounds like the latest worldwide COVID-19 pandemic scare.
During the Asian trading session on Monday, Omicron’s OMIC token reached an all-time high of $689. The increase had given the token another 200% gain on the day, bringing its total growth to 945% since November 27, when it was trading at $65.
Omicron is based on Ethereum’s Arbitrum layer two network. The stablecoin USD Coin (USDC) and liquidity provider tokens are among the cryptocurrencies that back the token.
OMIC may only be traded on the SushiSwap decentralized exchange, which operates on a peer-to-peer network, according to CoinGecko. Nevertheless, the OMIC/USDC pair has witnessed $554,222 in trading in the last 24 hours on the market. Furthermore, there are no other details on the token supply or market valuation on the token analytics website.
Furthermore, crypto critic ‘Mr. Whale’ stated on Twitter that the enormous surge is a sign that things are in a “giant bubble.”
Investors should exercise caution before dealing in Omicron, as nothing is known about the cryptocurrency, and there is limited information regarding the token’s existence.
A rug pull is a destructive strategy in which crypto programmers abandon a project and flee with investors’ assets in the cryptocurrency sector. For example, the inventors of Squid crypto are thought to have gone missing with $3.3 million.
