Friday, April 19, 2024

Omicron “Token” Rides High On The New Variant Wave

As governments worldwide sound alarm over the new COVID-19 variant, a digital token called “Omicron,” the same name as the new variant, is enjoying its moment. This cryptocurrency is reported to have surged 900% in the last few days. As such, crypto enthusiasts are jubilant and capitalizing their way to the top.

According to CoinMarketCap, Omicron (OMIC) has been up 35.27% in the last 24 hours. The DeFi token was launched at the beginning of November and was trading steadily at $65 until the detection of the new variant, which took OMI to new highs of $689, up close to 1,000%. Each OMIC token is backed by a basket of assets – giving it an intrinsic value that it cannot fall below.

Omicron cryptocurrency is a decentralized reserve currency protocol, which is available on the Arbitrum network based on the OMIC token. Each token is backed by a hoard of assets in the OMIC treasury. The OMIC introduces unique economic and game-theoretic dynamics through staking and bonding cryptos.

Moreover, analysts point out that OMIC outperformed Bitcoin (BTC) and Enthereum (ETH) over the panic-ridden weekend. However, they also said that this was a one-off and didn’t mean anything. Bitcoin, the world’s popular cryptocurrency, took a hit – dropping by more than 8% as investors dumped stocks and other riskier assets, favoring the dollar before anything else.

Meanwhile, the World Health Organization has labeled omicron as a “variant of concern” and raised the alarm about the very high global risk of surges as more countries reported cases of the new variant. The WHO has a policy of naming the variants after Greek alphabets, whereby the fast-spreading B.1.1.529 strain is named after the 15th letter of the Greek alphabet – omicron.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular