Omicron’s OMIC token has skyrocketed to a new all-time high of $689 after the World Health Organization gave a new Covid-19 variant its name.
OMIC surged to its ATH from $65 it was trading on Saturday and is up almost 200% at the start of the week, as FOMO drives investors to get in.
Omicron was discovered in South Africa on November 23, and the World Health Organization named it B.1.1.529 strain after the Greek letters.
A crypto critic, Mr. Whale, has justified his stance against digital assets, pointing out the spike in OMIC as proof that the sector is a big bubble.
Omicron is a decentralized reserve token protocol based on Arbitrum, an Ethereum layer-two network. USDC stablecoins and liquidity provider tokens support OMIC.
The token is only tradable on SushiSwap DEX, which has recorded about a $454,000 jump in trading volumes from the surge. Omicron was introduced at the beginning of November as a fork of the OlympusDAO DeFi protocol.