One of the newest additions in the crypto space is the Omicron token (OMIC) and has become one of the top gainers as well. The gains in price of the token come from traders who want to jump onto the major bullish rally in the market. Even though newly-introduced cryptocurrencies tend to be more volatile than most, the OMIC token has garnered a lot of popularity because the overall crypto market appears to be retreating from the strong bullish rally they recorded earlier this month. As mentioned earlier, Omicron is still a new token and CoinGecko reports that on November 19th, it was trading at value of $48.
However, it has managed to make gains of more than 800% since then and reached an all-time high value of a whopping $689. But, the token did shed some of these gains because at the time of writing, the Omicron token had dropped to a price of $569. Nonetheless, even at this price level, the token has recorded a 94% increase in its price within 24 hours. It should be noted that the token’s name is similar to the new coronavirus variant that was identified on November 23rd in South Africa. The World Health Organization decided to name the token Omicron, which was taken from the Green Alphabet, as it is the fifteenth letter.
The gains of the OMIC token managed to stir up a significant amount of debate on the social media space. One of the most prominent crypto critics, Mr. Whale said that the recent gains in price were indication that the crypto market was operating on the basis of a ‘giant bubble’. Currently, it is only possible for people to trade the aforesaid token on the decentralized exchange, SushiSwap. CoinGecko provided some statistics pertaining to the token, which show that in the past 24 hours, the trading volumes for the OMIC token on this DEX are more than $582,000 for the OMIC/USDC pair.
However, there were no additional details available about the market capitalization, or the supply of the token at CoinGecko. It had been launched earlier this month and was a fork of the DeFi protocol known as OlympusDAO. The project aims to provide bond-based yield farming. But, there is no evidence to indicate that it has any connection with the newly-discovered coronavirus variant. Omicron runs on a layer-two network called Arbitrum, which is based on the Ethereum blockchain, and is essentially a decentralized reserve currency protocol.
OMIC is the project’s native token. Other digital currencies back the token, including the USDC stablecoin as well as liquidity provider tokens. During the past couple of weeks, the OMIC token has gained because of the new COVID-19 variant, it is not something that’s happening throughout the financial markets. The stock market stumbled last week when the new variant was first identified. There was a major sell-off on Black Friday that wiped out almost all of the November gains. Even Bitcoin fell below the $53,000 mark, which is a 20% fall from its all-time high.