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Omicron: a cryptocurrency in the name of the variant is worth 900% – LeBigData.fr

A cryptocurrency called Omicron has gained more than 900% in value in three days, following the announcement of an eponymous variant of Covid-19. However, apart from the name, there is no connection between the two …

Since November 27, 2021, the world is on alert. A new variant of SARS-CoV-2, called Omicron, has a “very high” risk according to the WHO.

In the face of this new threat, equity markets are panicking and markets around the world are crashing. For good reason, investors fear that the numerous mutations in this variant will allow it to escape the immunity conferred by the Covid-19 vaccine.

However, coupled with the collapse of the financial markets, a cryptocurrency has gained more than 900% in value since the variant was announced. The reason ? This crypto is also known as Omicron. Between Saturday, November 27 and Monday, November 29, the price of a unit went from $ 65 to $ 700.

All about the cryptocurrency Omicron

This digital currency, however, has no connection to Covid-19. It is a recently released decentralized crypto based on the Ethereum-based Arbitrum network itself. Its OMIC token is compatible with several other cryptocurrencies, including the USD Coin stablecoin. It can only be redeemed on the SushiSwap platform.

It is difficult to explain the explosion of value of this crypto in a rational way. Obviously, only one word makes the “buzz” for a coin of the same name to take off.

In reality, however, it is not recommended to buy this cryptocurrency on impulse, without first asking. Note that the SushiSwap exchange is unknown and that Omicron has been around for less than a month. There isn’t even market capitalization data yet.

A buzz caused by confusion

This is not the first time that a traditional or crypto stock has gained in value due to confusion over its identity. For example, after Elon Musk advised to use Signal messaging, many people bought shares of the Signal Advance company. It is actually a medical device manufacturer that has absolutely nothing to do with the app.

This confusion may be the result of human error, but it can come from business algorithms. These systems can accidentally buy assets with names similar to their real targets.

Other people buy this cryptocurrency just for fun, to participate in this general and pointless race. Regardless, people who bought on Saturday and sold on Monday were able to make a substantial profit.

Now, some will probably have the idea of ​​buying other cryptocurrencies that are named after the following letters of the Greek alphabet such as Pi, Epsilon or Omega. In fact, these letters are likely to be used to name upcoming Covid variants, with crypto securities of the same name likely to rise in value at the time of future announcements.

It’s a risky bet, but it could be a winner. And if you want to get ahead of yourself, you should know that the WHO has already announced that future variants will carry the names of star constellations if there are not enough letters in the Greek alphabet …

Let’s hope the Covid is gone sooner anyway.

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