Omicron OMIC’s recent surge may be a sign of extreme irrationality
Today the World Health Organization announced they have named the new virus SARS-CoV-2 variant B.1.1.529 as Omicron and deemed it a variant of concern due to our reliance on technology in everyday life.
But one little-known cryptocurrency was able to resist the rally and reached a ten-fold increase over the weekend
OMIC, the token behind the OMIC protocol which is a decentralized reserve currency protocol, managed to pick up a bid of around $70 late on Friday and went as high as $711 on Sunday according to data from crypto.com
The token surge might be irrational because it is named after the blockchain company COVID. It seems to be really because it shares the name with the new variant COVID.
I bought the $Omic with 9 ETH.
I don’t think it’s a good choice, but I’m willing to gamble meme with some money that doesn’t affect my life.
— larrylawliet.eth (@Larry_Lawliet) November 29, 2021
The Omicron bond-based yield farming project uses a well-known Ethereum scaling technology, Arbitrum, but has no connection to the coronavirus. The Omicron coin is also not a safe-haven asset since it can be affected by widely fluctuating cryptocurrency markets.
AI writer MAX supply is capped at 1,000,000 OMIC. Data providers like Messari, crypto.com, and CoinGecko do not provide information about the cryptocurrency’s market capitalization. Some observers are looking at the spike in numbers seen recently for this cryptocurrency as evidence of a 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
OMIC is listed on USDC and SushiSwap. We also have a stablecoin USDC, and we only trade coins on decentralized exchanges.
OMIC holders can stake their coins and get more tokens in return. “The main benefit for stakers comes from supply growth. The protocol mints new OMIC tokens from the treasury, the majority of which are distributed to the stakers,” an official explainer says. “Thus, the main benefit for coin stakers comes from their auto-compounding balances and that price exposure remains an important consideration.”
The OMIC token is trading at $625. Along with the broader crypto market, Bitcoin has regained some footing at $57,500 after slipping about 9% to $53,800 on Friday.
This is because the futures are pointing at a risk-reset since there was an increase of 0.5%