As global markets tumbled last week following the discovery of the Omicron variant of the coronavirus, a cryptocurrency with the same name soared after the Greek letter entered investors' lexicon.
The price of the previously unknown digital token, whose Twitter feed has just over 1,000 followers, increased nearly tenfold between Friday and Monday morning, when it hit $ 688, before dropping as much as 75 percent. said cryptocurrency tracker CoinGecko.
Omicron, the token, which its website describes as "a decentralized currency protocol backed by the treasury," was trading at about $ 371 at 8:05 p.m. On Thursday, it was worth about $ 65.
The World Health Organization, which on Friday named the new Covid-19 variant Omicron, said it carries a "very high" global risk of surges, although scientists have said it could take weeks to understand its severity.
Read also - Cryptocurrency Exchange Coinstore Enters India Despite Pending Restrictions On Trading
Bitcoin suffered its worst day in two months last Friday, dropping more than 8 percent as investors ditched stocks and other riskier assets in favor of perceived safe havens like the dollar. Since then, it has recovered almost all of its losses, and global markets have gained a semblance of calm on Monday.
From Squid Game to Dogecoin, minor cryptocurrencies have benefited this year from links to memes or web culture, posting rapid booms and busts, while more mainstream names like Bitcoin skyrocket in popularity.
It was unclear when the Omicron token was launched. Data on its price on CoinGecko was only available as of November 8, while a Telegram channel by the name of OmicDAO was launched a day earlier.
Reuters He was unable to reach anyone representing Omicron for comment.
