Omicron Value Surges as COVID-19 Variant Named
The surge in Omicron value may simply be coincidence, but more likely points to some irrational thinking among crypto buyers.
Just hours after the World Health Organization (WHO) named a new variation of COVID-19 Omicron, there was a rally in the price of OMIC.
While the broader crypto market responded poorly to the identification of a ‘concerning’ new variant, the DeFi Protocol Omicron value saw gains.
Previously little-known, the cryptocurrency proved resilient and over the weekend saw its value increase 10 times over.
Omicron- Digital Currency
According to one exchange, OMIC – a token of decentralised reserve currency protocol Omicron – saw bids grow from less than $70 late on Friday to around $690 by Sunday. At the time of writing the value was sitting at about $325.
Decentralised reserve currency protocol OMIC is a fork of Olympus on the Arbitrum Network1.
On its website, Omicron says OMIC ‘introduces unique economic and game-theoretic dynamics into the market through staking and bonding’.
It adds: ‘Our goal is to build a policy-controlled currency system…we believe this system can be used to optimise for stability and consistency so that OMIC can function as a global unit-of-account and medium-of-exchange currency.’
No Connection to COVID-19
There is no connection to COVID-19
The token’s supply is capped at 1,000,000 OMIC, but many data providers do not provide details about the cryptocurrency’s market capitalisation. It is, however, backed by a basket of assets, including stablecoin USDC, and is listed solely on decentralised exchange SushiSwap.
The broader crypto market has also stabilised to an extent following the weekend stumble.
Author: Moni Talks
Moni Talks is a cryptocurrency trading exchange and social platform that is dedicated to the crypto community.