A cryptocurrency by the name of Omicron has entered the market
As global markets tumbled last week on news of the new variant of the Omicron 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 account 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 monetary protocol backed by the treasury," was trading at about $ 371 at 1435 GMT.
On Thursday it was worth around $ 65. weeks to understand its severity.
Bitcoin suffered its worst day in two months on Friday, falling 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 the "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 was unable to reach anyone representing Omicron for comment.
