Cryptocurrency increases in price 10 times because of the same name of the Omicron variant

Cryptocurrency Omicron rallied and peaked at $688 per coin due to its resemblance to a virus strain that is causing global concern.

The omicron, which is little known and has only about 1,000 followers on Twitter, rose from $65 midweek to $688 over the weekend, before its value dropped a few dozen percent.

Omicron is described as a “secured decentralized currency protocol,” currently priced at $371 per coin. It has nothing to do with the nCoV strain named Omicron by the World Health Organization (WHO) on November 26, except for the same name.

It is not clear when OMIC started to be deployed. Its price data on the CoinGecko site has only been published since November 8. Telegram channel named OmicDAO was created a day earlier. No individual or organization representing the Omicron coin has spoken.

Many cryptocurrencies were born and rose sharply in the past year thanks to prominent events in the world, but were followed by bursts of bubbles when their attraction dwindled.