A relatively obscure Omicron has skyrocketed to an all-time high today as a new fast-spreading COVID-19 variant was named by World Health Organization (WHO) after the token.
As a result, Stock markets and Black Friday saw a massive sell-off that wiped out November gains for the S&P 500 Index and the Nasdaq Composite late last week
Mr. Whale, a crypto critic, commented on Twitter that the massive price spike was a sign that things are in a “giant bubble.”
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.
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
The new week has begun with the crypto market back in its bullish movement after falling on Saturday to its lowest level since mid-October.
At the time of writing, Omicron (OMIC) had taken a slight retracement to trade at $375.84 after hiting a high of $641.75 in the last 24 hours.
What is Omicron?
Omicron (OMIC) is a decentralized reserve currency protocol that runs on the Ethereum layer two network Arbitrum.
OMIC token is supported by several other crypto assets which include stable coins, USDC, and liquidity provider tokens.
Omicron can be traded on decentralised exchnages like SushiSwap, which has gained $454,000 in volume for the OMIC/USDC pair over the last 24hours.
There are currently no further details on OMIC token supply or Market cap.