Omicron (OMIC) is up more than 710% thanks to the same name as the new Covid strain

Omicron is the name of the newest and deadliest strain of COVID-19. This is also the name of a cryptocurrency that soared more than 700% thanks to this coincidence.

That can be good news or bad news depending on how you take it.

The small-cap cryptocurrency gained 716% over the weekend … after the WHO named the deadliest strain of COVD-19 after it.

Omicron shows why naming is important

Omicron (OMIC), a cryptocurrency that claims to be a decentralized reserve currency protocol available on the Arbitrum Network, started bringing joy to its owners around noon in November. Broke the resistance near $ 70 and rose to $ 187 in less than half an hour.

From there, the price skyrocketed and the token hit a daily high of around $ 242.

The greedy folks who hadn’t made any withdrawals after this incredible surge saw their courage pay off the next day when OMIC hit a high of $ 430.

Omikron price. Source: Coinmarketcap

From that point on, the token corrected all the way up to $ 260 before climbing further to the current $ 367. Not bad for a cryptocurrency that has a name for the sixth largest deadly pandemic of all time.

In contrast to previous projects, the Omicron case (OMIC) is all about lucky coincidences. It was born as the Fork of Olympus on the Arbitrum Network in early November.

The Omicron protocol creates a connection between stakers and bonders in order to guarantee profits for a certain period of time.

But a few weeks later, the WHO decided to name a dangerous and newly discovered strain of COVID-19 after the fifteenth letter of the Greek alphabet and the market went nuts.

A similar situation occurred in the early days of the pandemic when people rushed to buy cryptocurrencies, NFTs, and bets related to Corona.

A clear example is the COVIDPunks project, a cryptopunks spin-off with a COVID theme that has reached a volume of 1,800 ETH. A single original Cryptopunk, CryptoPunk 7523, was sold at Sotheby’s for $ 11,754,000 Bitcoin magazine reported in June.

And as long as there is a way to make money, speculators will not hesitate to invest, even if the purpose of the project is not very fortunate.

If you want to buy Omicron, the only option right now is through Sushiswap. There is no central exchange that supports cryptocurrencies.

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