It can be good news or bad, depending on how you take it.
A small-cap cryptocurrency jumped 716% over the weekend … following the WHO designation of 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 to delight its hodlers around noon on November 27, when it broke through resistance closely. of $ 70 and rose to $ 187 in less than half an hour.
From there, prices broke loose and the token hit a daily high of around $ 242.
Greedy folks who didn’t cash in after this incredible surge in interest saw their bravery rewarded the next day when each OMIC climbed to trade in the range of $ 430 at its peak.
From that point on, the token corrected to a low of $ 260 before pushing again to its current $ 367. Not bad for a cryptocurrency that shares a name with the sixth deadliest pandemic of all time.
Unlike previous projects, the Omicron (OMIC) case is an (unfortunate) 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 bonders to ensure a return over a given period of time.
But 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 mad.
Covid-related projects are no strangers to crypto worms
Something similar happened at the start of the coronavirus when people rushed to buy cryptocurrencies, NFTs, and to place bets related to the coronavirus.
A clear example is the COVIDPunks project, a COVID-themed cryptopunks spin-off that has moved 1,800 ETH in volume. And if that doesn’t seem like enough, a single original Cryptopunk, CryptoPunk 7523 sold at Sotheby’s for $ 11,754,000.
Enthusiasts have dubbed the 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 pleasant project in the world.
If you want to buy Omicron, the only option at the moment is through Sushiswap. There is no centralized exchange with cryptocurrency support.
But please, no matter what, if the token keeps increasing, don’t say out loud that you’re happy to have Omicron.
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