A new Omicron crypto emerged on the market a few days after the WHO named a new COVID-19 variant and the token increased by 137% in the past 24 hours as we are seeing some more in today’s altcoin latest news.
The token is backed by a basket of assets like USDC and it is a fork of the Defi project OlympusDAO. The markets crashed after Omicron as a new coronavirus variant that is concerning to governments around the globe which emerged only recently and spread to countries worldwide in a stunningly fast manner.
Inspired by it, a new Omicron crypto emerged and it is now worth $404, marking an increase of 137% in the past 24 hours and 735% compared to its all-time low. A survey compiled on Coingecko shows that about 69% of the users feel good about the coin. The market for Omicron is quite small and the coin traded just $389 in the past day with its market cap being questionable still. The token trades on Arbitrum One via SushiSwap.
#omicron #OmicronVariant $OMIC is spreading fast! Be sure to wear a mask when trading on arbitrum sushiswap😷😷 contract address 0x86b3353387f560295a8fa7902679735e5f076bd5 (arbitrum only) pic.twitter.com/RCxZRtQiJ8
— TechnoArtoria (🦇,🔊) (@artoriamaster) November 28, 2021
The Omicron token powers a decentralized reserve currency protocol on the Arbitrum Network and it is backed by a basket of assets including USDC and other liquidity provider tokens related to MIM. It is also a fork of OlympusDAO which is a new Defi project that backs the token via its primitive blockchain bonds. The main way to keep pumping the price of the Omicron token and the yield farm was to supply growth and the whole thing fell apart if people only stopped investing money. So far more than $671,081 has been deposited within the protocols which only leads to breathless projected annual yields of about 70,377% for takers unless the developers decide to pull the plug or have people stop investing.
It’s just another bond-based yield farm that happens to carry the same name as the new COVID-19 variant which is named after the 15th letter of the Greek alphabet. The crypto project didn’t mention the virus in its documentation and its first Discord announcement was sent at the start of the month which is only a few weeks before the variant was named Omicron by the WHO. However, it should be noted that this coin with the ticker OMIC is not the first Omicron coin. That goes to another coin that goes by the name OMC on CoinMarketCap and doesn’t trade on popular markets.
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