Omicron DAO Is Soaring on the Covid Variant News, Obviously

Omicron DAO Is Soaring on the Covid Variant News, Obviously

Key Takeaways

  • Omicron DAO is a decentralized forex challenge on the Ethereum Layer 2 resolution Arbitrum.
  • The challenge’s OMIC token is up nearly 400% in the final 24 hours whereas many main tokens are down.
  • On Friday, the World Health Organization named the newest Covid variant Omicron, which can clarify the rally.

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News of the new Omicron variant shook world markets Thursday, and crypto suffered in the dip. However, the Arbitrum-based Omicron DAO has fared nicely amid the panic. 

Omicron Rallies Amid Covid Fears 

The newest Covid variant could have panicked crypto merchants final week, however one low cap token is defying the market. 

Omicron DAO’s OMIC has jumped from $76 to $376 in the final 24 hours, posting a 395% rally whereas main belongings like BTC and ETH trended down. 

Omicron DAO kinds itself as a “decentralized forex protocol” constructed on Arbitrum’s, Ethereum’s most used Layer 2 resolution right now. Its native token, OMIC, went reside on Arbitrum earlier this month. According to data from CoinGecko, the challenge has seen simply over $414,000 buying and selling quantity in the final 24 hours, and the whole provide is simply 2,430 cash. At present costs, the challenge’s absolutely diluted valuation is round $365.8 million, although the market cap and circulating provide are each unknown. It’s such a small challenge that it doesn’t have a rank on the website but, and there are beneath 1,500 accounts following it throughout Twitter and Discord at press time.  

The new Covid variant could clarify OMIC’s sudden rise. It was found in South Africa Tuesday and initially named B.1.1.529. However, the World Health Organization shared an replace on the variant in a Friday blog post, declaring that it was “of concern” and could be renamed Omicron. 

This isn’t the first occasion during which a crypto token has surged off the again of its title. In September, Floki Inu’s FLOKI token gained traction after Elon Musk shared a tweet indicating that he’d purchased a Shiba Inu and named it Floki. It skilled a parabolic rise alongside different canine tokens in October. Similarly, inventory traders typically mistakenly purchase into the mistaken shares as a result of title confusion. In one current occasion, a Canadian supplies firm known as Meta noticed its shares soar in a single day after Mark Zuckerberg introduced that Facebook could be rebranding to Meta. 

Besides Omicron DAO, a lot of the crypto market has been in decline over the weekend. Leading belongings like Bitcoin, Ethereum, Polkadot, and Solana are all buying and selling in the pink right now. Exceptions to the downturn embody The Sandbox and Decentraland, two Metaverse gaming initiatives which have outperformed a lot of the remainder of the market since Facebook’s rebrand. 

Disclosure: At the time of writing, the creator of this characteristic owned ETH and several other different cryptrocurrencies. 

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