Cryptocurrency price

Explained: Omicron cryptocurrency price skyrockets 10 times in two days, here’s why

A relatively lesser-known cryptocurrency token named after the Greek letter Omicron seen its soaring prices more than 10 times in the span of two days, outperforming major digital currencies like Bitcoin and Ethereum, shortly after the World Health Organization (WHO) named the latest Covid-19 variant of concern Omicron.

The thrust

According to Coinmarketcap, a cryptocurrency data platform, from Friday to Monday morning, Omicron’s price jumped to $ 688 from less than $ 70 earlier. At 10:45 am IST on Wednesday, the cryptocurrency was trading at $ 324.73, according to the platform, with a fully diluted market cap of $ 324.73 million.

Coinmarketcap also said that Omicron launched in early November – and for most of the last week, was trading stably at around $ 65.

“OMIC appears to have outperformed BTC (bitcoin) and ETH (Ethereum) over the weekend, but that doesn’t mean it’s a worthwhile investment. Little is known about this decentralized funding project, and solid data surrounding the project are proving hard to find. Omicron’s official website describes itself as a “decentralized monetary protocol built on Arbitrum,” he noted in a blog post.

Other gains

A similar price spike was also observed with the SQUID encryption token following the popularity of Netflix’s Squid Game despite the lack of relationship between the show and the currency.

WHO is according to the Greek alphabet to name important variants of Covid-19, and the upcoming Greek letter Pi is named after him as well.

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