'Omicron' cryptocurrency shoots up by 900% after WHO gives new COVID variant same name

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'Omicron', a relatively lesser-known cryptocurrency, shot up by over 900 percent since the World Health Organisation (WHO) gave a new COVID-19 variant the same name.

The crypto token was priced at around $65 (approximately Rs 4,883) on November 27, and has constantly surged since then. On November 29, it touched a peak of $689 (approx. Rs 51,765) -- marking a 945 percent increase in its value over the past three days.

At the time of writing this report, the price of Omicron marginally dropped to $612.67 (approx. Rs 45,972), according to CoinMarketCap.

The unprecedented spike in Omicron's value, apparently due to its name being similar to the new potentially more infectious coronavirus variant, has drawn criticism online.

A crypto token named after the new COVID-19 variant ‘Omicron’ is up over 650% within the 3 days, and is now worth over $400 million.

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If this isn’t a sign we’re in a giant bubble, I don’t know what is. pic.twitter.com/7ESD1v9wgF — Mr. Whale (@CryptoWhale) November 28, 2021

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Notably, the new COVID-19 variant was first detected in South Africa on November 23. The WHO on November 26 named the variant as Omicron and classified it as a 'variant of concern'.

Even as other cryptocurrencies witnessed a decline in their values over the past week, the Omicron token recorded a surge over the weekend. The Ethereum-based cryptocurrency, at present, can only be traded through SushiSwap, a decentralised exchange, as per reports.