A relatively obscure cryptocurrency called Omicron (OMIC) has surged to an all-time high as of Monday as a new fast-spreading COVID-19 variant got christened with the same name.
The bond-based yield farming project began life in early November as a fork of the OlympusDAO DeFi protocol, but it shares no other connection to the virus aside from the name.
Omicron's OMIC token hit an all-time high of $689 during the Monday morning Asian trading session. The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65.
The Omicron token apparently runs on Ethereum's layer-two network Arbitrum. I don't entirely understand how that makes it different than Ethereum, but clearly, there are greater confusions to address. Why would you invest in a currency just because it shares a name with a deadly virus variant? Is this why I'm not a crypto billionaire?
Obscure token spikes 900% due to name likeness with new COVID variant [Martin Young / Cointelegraph]
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