TIMES.KY

Cayman Islands, Caribbeanand International News
Monday, Mar 18, 2024

Crypto named Omicron spikes and outperforms Bitcoin amid variant fears

Crypto named Omicron spikes and outperforms Bitcoin amid variant fears

The token came into existence in November and appears to have risen for no other reason than the newly-named COVID strain.

Cryptocurrencies such as Bitcoin and Ethereum and global markets were sent into a tailspin following the emergence of the fast-spreading Omicron COVID-19 variant.

But one relatively new crypto named Omicron has seen a massive spike. Bn Monday, the token OMIC surged by 945 per cent since Saturday to reach an all-time high of $689 (€610).

The token coincidently bears the same name as the COVID-19 variant that was found on November 23 in South Africa.

The B.1.1.529 strain was named after the fifteenth letter of the Greek alphabet by the World Health Organization (WHO) on Friday.

What do we know about OMIC?


The token came into existence earlier in November and appears to have risen for no other reason than the newly-named coronavirus strain.

A similar occurrence happened with the cryptocurrency SQUID, which is inspired by the hit Netflix series Squid Game.

Earlier in November, the crypto rose by 600 per cent but suddenly nosedived by 99.99 per cent. The incident left investors high and dry and is now currently under investigation.

Omicron's official website describes itself as a "decentralised currency protocol built on Arbitrum".

The token was created as a fork of the OlympusDAO DeFi protocol, built on the Ethereum blockchain.

Each OMIC DeFi token is said to be backed by a basket of assets, "giving it an intrinsic value that it cannot fall below".

But details about the current market cap and supply of the OMIC token are unclear at the moment.

The total supply of this crypto token is capped at 1,000,000, meaning that the majority of its tokens are still to be mined and traded.

Is it a good investment?


OMIC appears to have outperformed Bitcoin and Ethereum over the weekend.

But little is known about the crypto and there is not much data available. We don’t know, for instance, if the project has any malicious intent but experts fear it could be the same story as the Squid Game token.

The WHO has a policy of naming new COVID variants after the Greek alphabet.

Next on the list will be Pi, and of course, there is already a cryptocurrency that bears the same name.

Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×