Cryptocurrency market works in mysterious ways. Amid the news from the World’s Health Organization on the newly detected SARS-CoV-2 variant to be named as Omicron, OMIC, the native token of Omicron protocol, has surged from $70 to a new all-time-high at $689 in just two days.
Omicron has no relations to Covid or healthcare systems. It is a recently launched decentralized reserve currency protocol, forked from Olympus on the Arbitrum Network. There’s no data on the market capitalization of the project, but the maximum supply of OMIC is capped at 1,000,000 tokens. OMIC is listed on the SushiSwap DEX.
Some experts point out that such behaviour may be a sign of bubble-like conditions on the cryptocurrency market. According to CoinGecko, the Omicron token is currently trading at $604, up 88.5% for the past 24 hours and 919% for the past two weeks.