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Omicron Value Surges as COVID-19 Variant Named

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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.

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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.

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Moni Talks

Author: Moni Talks

Moni Talks is a cryptocurrency trading exchange and social platform that is dedicated to the crypto community.


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