When you hear the word “Omicron,” the first thing that probably comes to mind is the new variant of COVID-19. However, you might also have heard about the small cryptocurrency with the same name that suddenly surged over 800%.
Namely, Omicron’s (OMIC) trading price went from $60 to an impressive $675,000 over the weekend.
At the same time, Bitcoin’s price went down by 5%; which goes to show just how volatile the cryptocurrency market is.
In fact, we’ve witnessed the sudden rise and fall of many cryptocurrencies over the years, especially the small ones. For instance, the Squid cryptocurrency (inspired by the Netflix show Squid Games), which went from $2,800 to nearly $0 in a matter of hours.
Omicron, which was launched a few weeks ago (and is built on ethereum’s tech, Arbitrum), can only be traded on SushiSwap — a decentralized trading platform that’s often hit by cyber-attacks. On that note, investors are advised to be on guard.
Moreover, due to the lack of data on Omicron, CoinGecko and Crypto.com are still unable to give it a proper market capitalization.
Last but not least, the new COVID-19 variant caused significant changes in the crypto market, causing many big and small cryptocurrencies to plummet as a result.