The crypto world is strange and unpredictable. Time and again, we have seen some unknown crypto tokens' prices skyrocketing based on just a tweet or news or name swap. This time, an obscure and tiny cryptocurrency called Omicron (OMIC) is witnessing a massive price rally.
Omicron was trading is $592.94 with a 24-hour trading volume of $532,920. At the time of writing this article, the token was up 154.2% in the last 24 hours. OMIC current total supply is 2430 coins, while the maximum supply is 1,000,000.
In the last four days, the OMIC price has spiked by over 900 per cent (Between November 26 to November 29).
What is Omicron (OMIC)?
Omicron is a decentralized reserve currency protocol available on the Arbitrum Network, a blockchain built by Offchain Labs which claims to enhance Ethereum's scalability.
Why is Omicron (OMIC) crypto rallying?
Omicron crypto's recent rally owes to the name it shares with the new Omicron strain of Covid, which has been designated as a 'variant of concern' by the World Health Organisation (WHO).
Though the token's market cap is unclear, traders have been punting on this crypto in the last 48 hours. Between November 26 to November 29, the token price has spiked by over 900 per cent.
Emerging from nowhere!
The decentralized treasury-backed currency protocol Omicron is riding the Covid wave in the past 24-hours. This latest variant seems to have pressed the panic button for both crypto and traditional markets.
Many traders have been playing safe by liquidating their position as the news of the new "virus of concern" flowed in.
However, this unknown coin catapulted into the limelight with WHO's announcement and witnessed a price surge of more than 900% in just four days.
How did Omicron get its name?
Of course, the crypto has no mention of the virus in its document. It derives its name from the fifteenth letter of the Greek alphabet.
Many of these cryptos skyrocketed, thanks to whales like Elon Musk.
The crypto enthusiasts have been closely watching and responding to all the online actions of the digital world, thrusting the entire ecosystem into the limelight throughout the year.
For now, the burning question is whether Omicron crypto will maintain its value or turn out to be another scam. But all we can hope for now is that the Covid Omicron variant does not spread as rapidly as the rise in the value of the digital coin.
Also Read: Five lesser-known meme coins
How to buy Omicron?
SushiSwap (Arbitrum One) is the sole exchange to buy or sell Omicron, as per details on Coingecko.