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

The unprecedented spike in the crypto token's value is apparently linked to its name being similar to the new potentially more infectious coronavirus variant.

November 29, 2021 / 06:07 PM IST
Representative image

Representative image

'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.

Also Read | 'SQUID' crypto a sham, plummets almost 99.99% in value within seconds

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.

Moneycontrol News
first published: Nov 29, 2021 06:07 pm
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