On November 29, 2021, Omicron (OMIC), a relatively obscure digital asset, has exploded 900% to reach a new all-time high of $689.
The latest development appears as a new fast-spreading COVID-19 variant christened the same name “Omicron” continues horrifying different parts of the world.
OMIC recorded a new all-time high of $689 on November 29 during the morning Asian trading session. The recent OMIC spike represents a 200% gain for the day and 945% since the weekend when it exchanged hands around $65.
The digital asset shares its name with a new Covid-19 variant that medical specialists discovered in South Africa on November 23. At the time, the World Health Organization (WHO) named the fast-spreading variant B.1.1.529 strain after the fifteenth letter of the Greek alphabet.
While commenting about the recent performance, Mr. Whale, a renowned crypto critic, said that the massive price spike is a sign that things are in a “giant bubble.”
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. pic.twitter.com/7ESD1v9wgF
— Mr. Whale (@CryptoWhale) November 28, 2021
“A crypto token named after the new COVID-19 variant ‘Omicron’ is up over 650% within three days, and is now worth over $400 million.”
By description, Omicron is a decentralized reserve currency protocol that runs on the Ethereum layer two network “Arbitrum one.” Launched on November 8, OMIC is supported by several other assets, including the USDC stablecoin and liquidity provider tokens.
According to Coingenko, OMIC is only trading on the SushiSwap decentralized exchange. Remarkably, the OMIC/USDC pair has recorded $454,000 in volume for the past 24 hours.
Although OMIC went live earlier this month as a fork of the Olympus DAO DeFi protocol, its shares have no connection to the virus apart from sharing the name.
Over the past weekend, the general stock markets slumped sharply as the news of the new fast-spreading COVID-19 variant continued to spread. As a result, Black Friday saw a massive sell-off, with all November gains wiped out for the S&P 500 and the Nasdaq Composite.
But interestingly, the stock market looks somewhat brighter as the new week begins with crypto markets lighting green candles after falling to their lowest levels since mid-October over the past weekend.
Remarkably, the total market capitalization is up 5.6% over the past 24 hours, with a total volume of $2.71 trillion, according to CoinGecko.