The price of the Omicron (OMIC) cryptocurrency hit an all-time high when a variant of the coronavirus of the same name was spotted by the WHO. The token’s price exploded by more than 1,000% in a matter of days… before crashing within minutes.
Omicron’s (OMIC) share price hit an ATH thanks to this new Covid-19 variant
On Monday, November 29, the price of the cryptocurrency Omicron (OMIC) reached a new ATH (All Time High). The price of the token, which is largely unknown to investors, rose to $689 in the morning. On Saturday, the digital currency was still trading around $65, a 1000% increase in just a few days.
OMIC token price evolution over the last 24 hours (Source: CoinGecko)
A few days ago, the token was worth no more than $50. On Sushiswap, the only exchange platform to list the cryptocurrency, Omicron briefly emerged as the 5th most purchased currency on the day of November 29, 2021.
Behind this sudden rise is a variant of the coronavirus. Spotted by the WHO (World Health Organisation) as early as 23 November, the variant was eventually named Omicron after the 15th letter of the Greek alphabet.
It was first identified in South Africa before spreading to several European countries, including Belgium, Britain, Italy and Germany. The emergence of the Omicron variant caused most financial indices and the price of Bitcoin (BTC) to fall a few days ago.
A speculative bubble
Clearly, many investors speculated about the rise in Omicron’s price when the media first reported on the new Covid-19 variant. This is clearly a speculative bubble that could burst at any moment. Unsurprisingly, the huge rise was short-lived.
Shortly after its historic surge, the price of the crypto-currency collapsed. The token went from 635 dollars to 161 dollars in just twenty minutes, down 74.3% in one hour. The price of the currency then recovered to settle around $350 at the time of writing. You should obviously be very careful if you want to invest in this token, whose price is currently very volatile.
Omicron is a decentralised autonomous organisation (DAO) that has developed a decentralised reserve currency protocol on Arbitrum, an overlay of the Ethereum blockchain (ETH). It is one of the Olympus DAO (OHM) forks.
Step 1: Launch a Cryptocurrency
Step 2: Launch a Virus
Step 3: Same Names
Profit omicron covid pic.twitter.com/1lycIxUIwZ
– Hassan Shafiq (@ccryptowriter) November 29, 2021
Currently, there are just over 2400 Omicron tokens on the market. On its website, Omicron pledges to issue more tokens to meet a possible increase in demand. Coupled with this sudden and unhealthy rise, this monetary policy risks diluting the value of the cryptocurrency.
