The Omicron token, one of the new additions in the crypto sector, is among the top gainers, with the price gains coming from traders who do not want to miss out on the major bullish rally.
While new cryptocurrencies can be highly volatile, the OMIC token is gaining popularity because the rest of the market has retreated from a strong bullish rally recorded earlier this month.
OMIC token reaches all-time high
Omicron is just a new token in the market. According to CoinGecko, it was trading at around $48 on November 19. However, since then, it has made an over 800% gain to hit an all-time high of $689.
However, at the time of writing, the token has shed some of these gains, and it has dropped to around $569. Nevertheless, even at these levels, it is still up 94% during the past 24 hours.
The name of this token is similar to the new Covid-19 variant that was discovered in South Africa on November 23. The variant was named “Omicron” by the World Health Organization, representing the fifteenth letter of the Greek alphabet.
The gains made by the OMIC tokens did not fail to stir up conversation on crypto social media spaces. Mr Whale, one of the notable crypto critics, stated that the recent price gain was a sign that the crypto market was on a “giant bubble.”
Currently, the OMIC token can only be traded on the SushiSwap decentralized exchange. According to CoinGecko, the trading volumes on this DEX for the OMIC token are over $582,000 during the past 24 hours for the OMIC/USDC trading pair. However, CoinGecko does not have additional details on the token’s supply and market capitalization.
The Omicron token was launched earlier this month as a fork of the OlympusDAO DeFi protocol. The Omicron project seeks to offer bond-based yield farming. However, there is no evidence to show that it is connected to the new Covid-19 variant.
Omicron is a decentralized reserve currency protocol that runs on Arbitrum, a layer two network based on the Ethereum blockchain. OMIC is the native token for this project. The token is backed by other digital currencies that include the USDC stablecoin and liquidity provider tokens.
New Covid variant attributed to the recent financial market dip
While the OMIC token has gained during the past few weeks because of the new Covid variant, this is not what is happening across the broader financial market. Last week, the stock market dipped amid news of this giant and new travel restrictions.
Black Friday was marked by a major selloff that eliminated all of November gains for most of the financial market. Bitcoin fell to below $53,000 last Friday, representing a 20% dip from its all-time high.
However, the crypto market has started the current week in the green zone. Bitcoin has gained around $57,000. On the other hand, the entire crypto market has gained by 5.5%, according to CoinGecko, to reach $2.7 trillion.
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