The unexpected boom in the currency’s value is linked to its name, which is the same as the new Covid variant, “Omicron”.
Omicron, a lesser known cryptocurrency, suddenly saw a spike, after the World Health Organisation (WHO) named the new variant of the Covid-19, Omicron. On Nov 27, the token was priced at $65 (₹4,883) but suddenly, on Nov 29, it touched its peak at $689 (₹51,765), marking a growth of 945% in just three days.
This unprecedented growth of the token is expected to be due to its name being the same as the new more infectious variant of Covid-19, and has since, also gained criticism online. The variant was first found on Nov 23 in South Africa, and was named Omicron on Nov 26 by the WHO. This variant was classified as a variant of concern.
Whereas on the other hand, most cryptocurrencies have been on almost a constant decline in their values, Omicron has shown just the opposite by shooting up by 945%. This cryptocurrency is an Ethereum based currency and can be traded via SushiSwap.