Omicron Cryptocurrency Skyrockets after COVID Variant Named

• admin
• February 11, 2022

A tiny cryptocurrency named Omicron (OMIC) spiked up to more than 900 percent in two days after the World Health Organization (WHO) designated the new COVID-19 variant B.1.1.529 ‘Omicron’.

The coronavirus variant, Omicron, has already been designed as a Variant of Concern, which was found in the southern African nation. Soon after the discovery, the cryptocurrency coin of the same name leaped from about $65 on November 26 to above $680 by November 29.

The surge in the price of this lesser-known crypto coin, Omicron, was truly astonishing. It is no small feat, a jump of 900%, to reach an all-time high of $689 in a matter of 48 to 72 hours. This took the crypto world by thunder!

​​What is an Omicron Coin?

A decentralized cryptocurrency based on OlympusDAO DeFi technology, Omicron works on the Arbitrum Network based on the OMIC token. Omicron coin is created to be mined with CPU/GPU. It can also be stored in ERC-20 wallets. Dealings on this blockchain will enable instant payments without facing expensive banking fees.

Omicron operates in the Ethereum network. The coin is backed by various other cryptocurrencies, such as the USD coin Stablecoin.

The price of bitcoin decreased more than 5% in the same week in a matter of hours. This decline from an all-time high of about $69,000 to 20% wiped billions of dollars from the total crypto market cap.

Is Omicron a Good Investment Option?

After WHO gave the same name to the new COVID-19 variant, Omicron rose in popularity. Investing in Omicron could have been a great choice for those investors who are looking for something out of the traditional options.

On the other hand, experts suggest that the rapid rise of the Omicron coin doesn’t mean that it’s beneficial for investment. Over a certain period, several nondescript coins created buzz for multiple reasons. Since the Omicron crypto coin outperformed Bitcoin and Ethereum, experts understood that the bubble would eventually burst, and the coin could lose its spotlight.

In the past, the sudden rise of Squid Token, named after the South Korean hit Netflix series Squid Game, initially skyrocketed and massively crashed, plunging to 99%. The Squid coin wiped away nearly $3 million worth of wealth of investors within 24 hours.

At the time of writing, the Omicron price was $29.48, down by -2.51%. The total crypto market cap was $2.36 trillion.

In Conclusion

When you are new to the market, understanding the crypto market cap is crucial. You can calculate the market cap by multiplying the price of the single coin at the given time by the total number of coins that have been mined.

Experts believed that the rise of the coronavirus variant was caused by the fact that both its coin and the new coronavirus variant have the same name. However, they also noted that the WHO’s decision to omit the letter XI from its name might have contributed to the confusion.

To remain updated about the real-time cryptocurrency prices and the overall crypto market, stay tuned to https://banecrypto.com/.