A new cryptocurrency dubbed Omicron (OMIC) surged in value between November 27 and November 29, a period the market corrected over fears regarding the new Covid-19 variant, also identified as Omicron.
Between the period, the cryptocurrency listed on Coingecko around November 8 surged by 898%, from $65 to $655. However, by press time, the token had plunged by 18% in the last 24 hours to trade at $320.
Based on the short-term price surge, it is possible the crypto experienced a pump over the weekend amid a global scare about the effects of the new Covid-19 variant.
Interestingly, as the entire crypto market experienced a widescale sell-off, the Ethereum-based token was among the outstanding digital assets trading in the green zone.
For instance, Bitcoin dropped to its lowest point in two months on Friday, correcting by about 8%. However, the maiden asset has recovered from the losses.
Little information vailable on Omicron
OMIC is a bond-based yield farming project that reportedly emerged in early November as a fork of the Olympus DAO DeFi protocol. In general, little information is known about the token alongside its founders.
According to data provided by Coingecko, the total supply of the Omicron token is currently at 2,430, equivalent to $1.4 million, while the total supply is capped at 1,000,000. However, details about the current market cap and the circulating supply is unclear.
Investors will be looking at the next OMIC price trajectory in the coming days after medical experts stated that the new Covid-19 variant presents mild symptoms and is not as deadly as earlier thought.
Notably, the OMIC token is another high-profile asset to hit the market in the wake of major events or trending global topics. In early November, following Netflix’s hit show Squid Game, a cryptocurrency dubbed SQUID launched, gaining more users in the wake of meme cryptocurrencies dominance.
The token surged by about 600% before plunging sharply, leaving investors in losses. The incident is viewed as a rug-pull case and is currently under investigation.