The World Health Organization (WHO) on Friday named the newly detected SARS-CoV-2 variant B.1.1.529 as Omicron and deemed it as a variant of concern, sending bitcoin and the broader crypto market into a tailspin along with equities.

However, one little-known cryptocurrency stayed resilient and chalked up a ten-fold rally over the weekend.

OMIC, the native coin of decentralized reserve currency protocol with the same name as the newly detected COVID variant Omicron, picked up a bid near $70 late Friday and rose as high as $711 on Sunday, according to data source crypto.com.

The token’s surge perhaps represents peak irrationality – a case of cryptocurrency rallying just because its parent blockchain coincidentally shares the name with the new COVID variant.

The bond-based yield farming project Omicron is built on Ethereum scaling technology Arbitrum but has no connection to the coronavirus, and OMIC is far from being a safe haven asset.

While the token’s maximum supply is capped at 1,000,000 OMIC, data providers like Messari, crypto.com, and CoinGecko do not provide details about the cryptocurrency’s market capitalization. Some observers are looking at OMIC’s spike as evidence of bubble-like conditions in the crypto market.

OMIC is backed by a basket of assets, including stablecoin USDC, and is listed solely on decentralized exchange SushiSwap.

OMIC Holders can stake their coins in return for more tokens. “The main benefit for stakers comes from supply growth. The protocol mints new OMIC tokens from the treasury, the majority of which are distributed to the stakers,” an official explainer says. “Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration.”

The OMIC token is currently changing hands at $625. The broader crypto market has also regained some poise, with bitcoin recovering to $57,500, having slipped nearly 9% to $53,800 on Friday.

The futures tied to the S&P 500 are also pointing to risk reset with a 0.5% gain.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP Price Prediction: Ripple can dip to $0.50

A brief technical and on-chain analysis on XRP price. FXStreet's analysts evaluate why Ripple could drop lower. 

More Ripple News

Ethereum price set to break below $3,000 as crypto bloodbath persists

Ethereum price is still under pressure from the red descending trend line. ETH price is set to break $3,018, bringing the price below $3,000. Expect a further continuation to go hand-in-hand with current financial market sentiment.

More Ethereum News

MATIC price to present a buy opportunity before Polygon rallies

Polygon price action is still stuck in an upward trend channel. MATIC’s current level looks a good buy near the lower end of the channel. Expect a return to the middle of the channel or swing to the upper band once global markets turn green again.

More Polygon News

Crypto.com hits two-month lows as selling pressure accelerates

Crypto.com price is within range of its final support zone before it could move into the $0.30 value area. Bears are in control and have been fighting to push CRO lower, but bulls have persisted.

More Crypto.com News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis

BTC

ETH

XRP