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Omicron coin surges after new COVID-19 variant announcement

Omicron cryptocurrency (OMIC) gained traction and increased tenfold after the World Health Organization (WHO) named the new COVID-19 variant of interest Omicron on November 26. Over the course of two days after the WHO announcement, the digital currency of the same name shot up from a price of $77.09 to $711.09. After reaching its peak price last November 29, the surge calmed down and currently rests at $302 as of December 3. 

With the its brief rise, Omicron outperformed other digital currencies in the market that plummeted following the news of the new COVID-19 variant. Top cryptocurrencies Bitcoin and Ether dipped following the announcement with BTC dropping to as low as 20%. 

Notable crypto accounts on Twitter provided their positive opinions on the matter. Mr Whale or @CryptoWhale tweeted: ‘A crypto token named after the new COVID-19 variant ‘Omicron is up over 650% within the 3 days, and is now worth over $400 million. If this isn’t a sign we’re in a giant bubble, I don’t know what is’. 

Many crypto enthusiasts showed interest in the new coin and attempted to invest in it during and after its rise. However, crypto market research site CoinMarketCap warned investors to be wary of the coin’s sudden rise, saying on its website that ‘Little is known about this decentralised finance project, and robust data surrounding the project is proving hard to come by.’ 

Omicron is not the first cryptocurrency that dealt with a massive increase such as this. Notable coins such as Squid Game (SQUID) and Dogecoin (DOGE) tokens have also experienced massive price increases due to popularity and overall customer demand. However, the former was later on revealed to be a rug pull scam that left owners with zero SQUID coins, thus the warning about OMIC’s rapid rise and fall.

The Omicron cryptocurrency was only released last November, making it only a few weeks old when the rise occurred. According to its website, it’s a decentralised reserve currency protocol built on the Arbitrum Network with every coin backed by a basket of assets including MIM and OMIC-MIM LP.

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