A cryptocurrency called Omicron (OMIC) grew by more than 500% in one day after the World Health Organization assigned that same name to the new COVID-19 variant. After first being identified in southern Africa, this new strain of the virus has already been detected in the U.K., Hong Kong and Australia. The token was named a few weeks before the COVID-19 mutation. In fact, omicron is the fifteenth letter of the Greek alphabet which originated the Latin letter O.
The price of Omicron jumped from its all-time low of US$48.36 in November 19 to a historical maximum of US$429.69 in November 28, according to the digital currency price and information data platform CoinGecko.
Omicron’s price today is US$360.53 with a trading volume of US$405,094 in 24 hours. The price has risen to 53.0% in the last 24 hours. It has a circulating supply of 0 OMIC coins and a total supply of 2 thousand OMIC coins. Despite its remarkable rise, none of the platforms that provide information related to the performance of most of the available cryptocurrencies have data about the market capitalization of Omicron.
Omicron is a decentralized reserve currency protocol available on the Ethereum Layer 2 solution Arbitrum Network based on the OMIC token. Each OMIC token is backed by a basket of assets, such as USDC and OMIC-MIM LP, in the OMIC treasury, giving it an intrinsic value below which it cannot fall. OMIC also introduces a unique economic and game-theoretic dynamic to the market through betting and bonding.
The cryptocurrency market, in general, is very unstable. Even currencies with a high market capitalization fall and grow by tens of percentages unexpectedly. As for the currencies with a fairly low capitalization, they are able to rise dramatically, although then collapse again.