- The worth of the hitherto-obscure digital token rose virtually ten-fold from Friday to Monday morning when it hit $688.
- Bitcoin suffered its worst day in two months on Friday.
- From “squid recreation” to dogecoin, minor cryptocurrencies have this yr benefitted from hyperlinks to memes or internet tradition.
LONDON: As world markets fell final week on information of the brand new Omicron coronavirus variant, one cryptocurrency with the identical identify soared after the Greek letter entered the investor lexicon.
The worth of the hitherto-obscure digital token, whose Twitter feed has little greater than 1,000 followers, rose virtually ten-fold from Friday to Monday morning when it hit $688, earlier than tumbling as a lot as 75%, crypto tracker CoinGecko stated.
Omicron the token, which its web site describes as “a decentralised treasury-backed forex protocol,” was buying and selling at about $371 at 1435 GMT. On Thursday it was price about $65.
The World Well being Organisation (WHO), which on Friday named the brand new COVID-19 variant Omicron, stated as extra nations reported instances it carries a “very excessive” world danger of surges, though scientists have stated it may take weeks to grasp its severity.
Bitcoin suffered its worst day in two months on Friday, dropping by greater than 8% as traders dumped shares and different riskier property in favour of perceived secure havens just like the greenback. It has since recovered practically all of its losses, with world markets gaining a semblance of calm on Monday.
From “squid recreation” to dogecoin, minor cryptocurrencies have this yr benefitted from hyperlinks to memes or internet tradition, recording speedy booms and busts whereas extra mainstream names akin to bitcoin soar in reputation. learn extra
It was not clear when the Omicron token was launched. Knowledge on its value at CoinGecko was solely accessible from November 8, whereas a Telegram channel beneath the identify OmicDAO was launched a day earlier.
Reuters was not capable of attain anybody representing Omicron for remark.