Since the World Health Organization (WHO) granted a new COVID-19 version of the same name, the value of ‘Omicron,’ a relatively lesser-known cryptocurrency, has increased by almost 900 percent.
On November 27, the cryptocurrency had a value of around $65 and has steadily increased since then. It reached a high of $689 on November 29. Thereby, representing a 945 percent gain in value in only three days.
According to CoinMarketCap, the price of Omicron has decreased to $612.67 (about Rs 45,972).
At 1435 GMT, Omicron, which has the description on its website as “a decentralized treasury-backed currency protocol,” was trading at around $371.
The unusual rise in Omicron’s value has sparked outrage online. It is owing to its name being close to a new potentially more contagious coronavirus type.
The newest COVID-19 strain was likewise originally discovered on November 23 in South Africa. The WHO designated the variant Omicron and classed it as a ‘variant of concern’ on November 26.
Although the value of other cryptocurrencies fell in recent weeks, the Omicron cryptocurrency coin saw a significant increase over the weekend. According to sources, the Ethereum-based cryptocurrency may now only exchange on SushiSwap, a decentralized exchange.