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Omicron (OMC) up 716% thanks to the new strain of COVID-19

Mon 29 Nov 2021 ▪ 21h03 ▪ 3 min read — by Hugh Renolds

Omicron (OMIC) token price has grown by more than 716% after the discovery of a new strain of COVID-19. The World Health Organization (WHO) has named it “omicron”.

Omicron shows why names matter

The DeFi coin of the Omicron DAO project is issued on the Arbitrum One Layer 2 protocol and is traded on SushiSwap. There are just over 800 members on the project Discord, and the number of Twitter subscribers barely exceeds 900. However, the token began to delight its hodlers around 27th November, when it overcame resistance around $70 and climbed to $187 around noon.

After that, the price of OMC has been on a continuous rise. The token had reached a daily high of $242. The next day, OMC climbed to $430 at its peak. Afterwards, the “viral coin” corrected to a low of $260 shortly before pressing on towards $367. Not bad for a cryptocurrency named after modern history’s deadliest pandemic.

At the time of writing, the rate has corrected to $580 (per CoinGecko). The trade volume in the last 24 hours was ~$676,000.

The Covid-19 pandemic and the crypto industry

The boom in the cryptocurrency market happened in the early days of the coronavirus. Back then, people hurried to buy digital assets and non-fungible tokens (NFT) en masse. A prime example is COVIDPunks, a COVID-themed spinoff from the CryptoPunks collection, which totalled 1,800 ETH. One original CryptoPunk 7523 was sold at Sotheby’s for $11,754,000.

Meanwhile, crypto enthusiasts are, for the most part, bullish, even despite the new Covid-19 variant shaking up Bitcoin prices this week.

“The news about a new strain coming from South Africa has led to a massive sell-off across all asset classes,” said Martha Reyes, head of research at brokerage Digital asset prime and Bequant exchange.

Recall that on 26th November, the price of Bitcoin fell below $55,000. On 29th November, digital gold quotes recovered to levels above $57,000.

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Hugh Renolds avatar
Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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