Omicron DAO’s OMIC token has increased by 395% in the last 24 hours. A new variant of Covid called Omicron could explain the sudden jump in altcoin price. The altcoin price has seen a massive increase of 945% since Saturday.
- Omicron DAO is a decentralized cryptocurrency project on Ethereum Layer 2 solution Arbitrum.
- The project’s OMIC token has increased by almost 400% in the last 24 hours, while many leading altcoins have fallen.
- On Friday, the World Health Organization announced the latest Covid variant, Omicron, which could explain the rally.
News of the new Omicron variant shook global markets on Thursday, and cryptocurrencies suffered in the drop. However, the Arbitrum-based Omicron DAO succeeded amid the panic. The altcoin price has seen a massive increase of 945% since Saturday. Cryptocoin. com, we have compiled the details for you, let’s examine the subject together…
Altcoin project Omicron gathers amid Covid fears
The latest Covid variant may have panicked cryptocurrency investors last week, but a low-capital altcoin is challenging the market. Omicron DAO’s OMIC has jumped from $76 to $376 in the last 24 hours, recording a 395% rally as leading assets like BTC and ETH are bearish. Omicron DAO is shaping itself as a “decentralized currency protocol” built on top of Arbitrum, Ethereum’s most used Layer 2 solution today.
Its native token, OMIC, went live on Arbitrum earlier this month. According to data from CoinGecko, the project has seen a trading volume of just over $414,000 in the last 24 hours and the total supply is only 2,430 coins. At current prices, the market value and circulating supply are unknown, but the fully diluted valuation of the project is approximately $365.8 million. This is such a small project that it does not yet have a ranking on the site, and there are less than 1,500 accounts following this project on Twitter and Discord.
Cryptocurrency has seen a massive increase of 945% since Saturday!
The new Covid variant could explain the sudden rise of OMIC. It was discovered in South Africa on Tuesday and was originally named B. 1.529. However, the World Health Organization shared an update on the variant in a blog post on Friday and announced that it is “worrying” and will be renamed as Omicron. This isn’t the first time a cryptocurrency has risen due to its similar name.
In September, Floki Inu’s FLOKI token attracted attention after Elon Musk shared a tweet stating that he bought a Shiba Inu and named it Floki. It experienced a parabolic rise alongside other meme coins in October. Similarly, stock investors often mistakenly buy the wrong stocks due to name confusion. In a recent example, a Canadian materials company called Meta saw its shares jump overnight after Mark Zuckerberg announced that Facebook would be rebranding to Meta.