Omicron cryptocurrency soars in value on new Covid variant

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The global panic unleashed by the Omicron variant of the coronavirus has had an unexpected effect on the cryptocurrency sector. It so happens that Omicron, in addition to the name of this new strain of the disease, is also the name of a digital asset which has seen unprecedented growth in recent days.

The Omicron cryptocurrency, until now a second-tier stock in the market, has recorded a 950% increase in value since the detection of the new variant of the virus

In just the 48 hours following the detection of the Omicron variant in South Africa, the cryptocurrency of the same name recorded an increase in value of more than 950%. Before the new strain of the virus became known, the Omicron cryptocurrency was priced at $65.11. In a short time, its value skyrocketed to $689.

This growth was especially pronounced over the weekend. Already on Monday this rise began to moderate and the value of the cryptocurrency stabilized at around $605.

This cryptocurrency was until now an almost unknown value within the market. The team developing it is anonymous, although it is known to be a variant cryptocurrency of the Olympus crypto. It is also known that Omicron works using the Arbitrum network which, in turn, uses the Ethereum network.

With the escalation of the last few days, this hitherto second-tier cryptocurrency has reached a total valuation of all of its units of $628.2 million556.6 million.

This is not the first time that a cryptocurrency has grown dramatically in a short time for a seemingly absurd reason. At the end of October, for example, the Shiba Inu cryptocurrency, inspired by the meme of the dogsaw its value escalate in a few hours to reach a record price.

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