This can be good news or bad news – depending on how you take it.
A small-cap cryptocurrency rose 716% over the weekend… after the WHO naming the most dangerous strain of COVD-19 after it.
Omicron shows why names matter
Omicron (OMIC), a cryptocurrency that defines itself as a decentralized reserve currency protocol available on the Arbitrum Network, began pleasing its holders around noon on November 27 when it broke through resistance close to $ 70 and rose to $ 187 in less than half an hour.
From there, prices went wild and the token reached a daily high of around $ 242.
The greedy people who did not get paid out after this amazing increase in interest saw their bravery rewarded the next day as each OMIC climbed to trade in the order of $ 430 at its highest.
From that point on, the token corrected to a low of $ 260 before a further push to its current $ 367. Not bad for a cryptocurrency that shares name with the sixth deadliest pandemic ever.
Unlike previous projects, the Omicron (OMIC) case is about (un) lucky coincidence. The token was born in early November as a fork of Olympus on the Arbitrum Network.
The Omicron protocol plays with a relationship between stakers and farmers to ensure a return over a given period.
But a few weeks later, the WHO decided to name a dangerous and newly discovered strain of COVID-19 after the fifteenth letter of the Greek alphabet, and the markets went berserk.
Covid-related projects are no strangers to the cryptocurrency
Something similar happened in the early days of Coronavirus, when people rushed to buy cryptocurrencies, NFTs, and place bets related to Coronavirus.
A clear example is the COVIDPunks project, a COVID-themed cryptopunks spinoff that has moved 1800 ETH in volume. And if that’s not enough, a single original Cryptopunk, CryptoPunk 7523, will be sold at Sotheby’s for $ 11,754,000.
Enthusiasts dubbed NFT as COVID Alien.
And as long as there is an opportunity to make money, speculators will not hesitate to invest, even if it is not the most comfortable project in the world.
If you are interested in buying some Omicron, the only option right now is through Sushiswap. There is no centralized exchange with the support of the cryptocurrency.
But whatever happens, if the token keeps going up, do not say out loud that you are happy that you have Omicron.
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