Obscure Omicron coin named like the COVID-19 variant defies the general crypto market crash
Despite that Pfizer and Moderna said they could have new COVID-19 vaccines tailored to fight the surging Omicron variant, the news about its proliferation outside of Africa still crashed the cryptocurrency markets. Bitcoin, in particular, sank 20% from its recent highs. As institutional investors fly to safe havens and unwind trades in risky assets, there remains one bright digital currency spot, obscure crypto called Omicron. Needless to say, since its name coincides with the COVID-19 scare du jour, the so-called OMIC coin has the potential to become the new meme cryptocurrency, right after we had the surge in one inspired by the Korean Netflix show The Squid Game.
The Omicron cryptocurrency price has increased sevenfold since the new COVID-19 virus mutation out of Africa was designated a "variant of concern" by the World Health Organization. Priced in the US$60 range just this Friday, the Omicron crypto today sat a tad above US$420 on multiple times its usual trading volume. Before the WHO titled the B.1.1.529 COVID-19 variant Omicron, the aptly named crypto had minuscule trade volume and recognition. Its current surge may very well be short-lived like many a fad coin before it. Given that some meme coins like Shiba Inu gained notoriety for even lesser reasons than a name that sounds like the latest global COVID-19 pandemic scare, Omicron has a chance to stay afloat despite stalwarts like Bitcoin or Ethereum crashing around it.