Omicron's DeFI-protocol token has grown by a factor of 10
On November 26, the World Health Organization (WHO) named the recently discovered B.1.1.529 strain of coronavirus Omicron, after the fifteenth letter of the Greek alphabet. Against this backdrop, the little-known Omicron DeFi-Protocol token (OMIC) went up 10-fold in price over the weekend, increasing its value from $70 to $711, according to CoinGecko.
Omicron hit the digital asset market in early November, shortly before the new Covid-19 strain that caused crypto and stock markets to plummet last Friday. The developers could not have predicted such a sudden event, it is 99% accidental.
Omicron is a DeFi-protocol that is based on the Arbitrum technology used to scale Ethereum. OMIC is backed by digital assets, including USDC, and is traded only on the SushiSwap cryptocurrency exchange. In the past 24 hours, trading volume for the OMIC/USDC pair reached $454,000, according to CoinGecko.
The OMIC project has nothing to do with Coronavirus and is not a stable and reliable digital asset.
OMIC has a maximum issue size of 1 million tokens, but data providers such as CoinGecko, Crypto.com and CoinMarketCap do not provide market capitalization data for the coin.
OMIC is currently trading at $625. The cryptocurrency market has also recovered from Friday's drop, with BTC surging to $58,000.