Strange coincidence or enrichment in a global crisis? After the announcement of the new Omicron virus variant, a token of the same name skyrocketed. That’s behind it.
November 26th announced the World Health Organization (WHO) that the new variant of the coronavirus Omicron (B.1.1.529) is to be classified as worrying. But in addition to the global concerns that the mutation had triggered, the naming of the new variant caused a hype about the cryptocurrency of the same name. A trend was triggered that enabled the price of the token to record a three-digit growth rate on a weekly basis.
At the time of writing, the token is trading at $ 642.87. Omicron (OMIC) shows itself with a price increase of around 70 percent within the last 24 hours. As a result, the crytocurrency reached a new all-time high of 689.17 US dollars on November 29th. However, the token’s all-time low of $ 48.36 was only 10 days ago. Since then, Omicron has grown 1,229 percent. The token is still young and has only been on since November 8th Coingecko listed. There is no information on the current market capitalization of the cryptocurrency.
Omicron is not just Omicron
It should of course be clear that there is no connection between the Omicron tokens and the currently circulating coronavirus mutation with regard to the use case. In any case, the project team behind the token is rather surprised on Twitter.
Of your own Website According to Omicron, a fork of Olympus developed. This is a DeFi protocol that is used in the Arbitrum network, an Ethereum scaling solution for dApps.
On Twitter, meanwhile, a mixed picture emerges with regard to the soaring of the token. One user commented the price increase roughly with the “power of marketing”. Another Twitter user complained about so-called “Shitcoins” and explains that we now also have “Covid-Coins”. In another Tweet it is even suggested to use the hype surrounding the token for good causes and suggests a “Covid Fund” that could be used to fund research.
However, Omicron (OMIC) is not the sole namesake of the virus variant. If you omit one letter of the token, you get OMC – another token that is currently quoted at around 0.078 US dollars. Have a look at any historical data CoinMarketCap however, this token does not allow this. In this case, it is much more likely that the coin is simply trying to take away the hype, while no further plans are in sight.
Such projects, without available data or use cases, should be treated with great caution. Too often, in retrospect, such coins are exposed as scams that leave investors without their assets after a rug pull.
The rise in the price of the OMIC token may sound seductive to many. The hype about a crypto currency, which is based solely on the naming that is reminiscent of the latest variant of the coronavirus, sounds to others more like a bubble that will burst sooner or later.