Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Crypto named Omicron spikes and outperforms Bitcoin amid variant fears

Crypto named Omicron spikes and outperforms Bitcoin amid variant fears

The token came into existence in November and appears to have risen for no other reason than the newly-named COVID strain.

Cryptocurrencies such as Bitcoin and Ethereum and global markets were sent into a tailspin following the emergence of the fast-spreading Omicron COVID-19 variant.

But one relatively new crypto named Omicron has seen a massive spike. Bn Monday, the token OMIC surged by 945 per cent since Saturday to reach an all-time high of $689 (€610).

The token coincidently bears the same name as the COVID-19 variant that was found on November 23 in South Africa.

The B.1.1.529 strain was named after the fifteenth letter of the Greek alphabet by the World Health Organization (WHO) on Friday.

What do we know about OMIC?


The token came into existence earlier in November and appears to have risen for no other reason than the newly-named coronavirus strain.

A similar occurrence happened with the cryptocurrency SQUID, which is inspired by the hit Netflix series Squid Game.

Earlier in November, the crypto rose by 600 per cent but suddenly nosedived by 99.99 per cent. The incident left investors high and dry and is now currently under investigation.

Omicron's official website describes itself as a "decentralised currency protocol built on Arbitrum".

The token was created as a fork of the OlympusDAO DeFi protocol, built on the Ethereum blockchain.

Each OMIC DeFi token is said to be backed by a basket of assets, "giving it an intrinsic value that it cannot fall below".

But details about the current market cap and supply of the OMIC token are unclear at the moment.

The total supply of this crypto token is capped at 1,000,000, meaning that the majority of its tokens are still to be mined and traded.

Is it a good investment?


OMIC appears to have outperformed Bitcoin and Ethereum over the weekend.

But little is known about the crypto and there is not much data available. We don’t know, for instance, if the project has any malicious intent but experts fear it could be the same story as the Squid Game token.

The WHO has a policy of naming new COVID variants after the Greek alphabet.

Next on the list will be Pi, and of course, there is already a cryptocurrency that bears the same name.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×