Crypto investors have been feeling the brunt of the COVID-19 pandemic recently, especially when news of the new Omicron variant broke out.
When cryptocurrency prices have been reduced to new lows, one relatively obscure coin has remained strong: Omicron--a coin that has the same exact name as the new coronavirus variant.
NotebookCheck.net reports that the Omicron crypto has largely defied the market crash affecting other major coins like Bitcoin and Ether, among others.
Recent pricing has experienced a massive 700% surge. Now, the previously obscure crypto reached highs of up to $420.
As of this writing, however, Omicron sits at over $333 as per data from CoinGecko. This value is still really high, more so if you compare it to its original price.
The currency was only priced at $60 following the WHO's announcement of the Omicron COVID-19 variant being one of concern. Its 24-hour trading volume is at $391,930, with a fully diluted valuation of $333,217,990.
There's a total of 2,430 Omicron coins in circulation.
Current analysis of the market suggests that this could be a short-lived fad, just because of the name. But this is also not the first time that specific crypto has surged in value for the same reason. One great example, according to Crypto Briefing, is the FLOKI token.
The FLOKI token's value skyrocketed back in September after Elon Musk tweeted about getting a Shiba Inu puppy which he named Floki:
For now, only time will tell whether the Omicron crypto's luck holds up as the COVID-19 pandemic wears on.
Crypto Prices Are Tanking
Cryptocurrency investors might be shaking their heads as of the moment because even big-name coins (aside from the Omicron crypto, of course) are feeling the negative effects of the ongoing global pandemic.
Bitcoin seems to be the hardest hit of them all. News.com.au reports that the emergency of the Omicron variant has investors panicking, with the coin hitting a new low of $54,620.
This is a very steep drop, considering Bitcoin's previous record-high mark. Back in early November, its price peaked at a high of $68,000, according to TIME Magazine.
As for Ether (Ethereum) which is the world's second-biggest after Bitcoin, the price drop might not be as significant--but it's still a drop nonetheless.
It dropped to as low as $3,971 during the last 24 hours but has since rebounded 4.65% to $4,287.73, according to data from CoinDesk at the time of this writing.
Should You Invest In Omicron?
As previously mentioned, it remains to be seen whether Omicron crypto's price surge will stay consistent. And it all depends on the new COVID-19 variant.
ROTTERDAM, NETHERLANDS - NOVEMBER 28: A worker cleans a store as The Netherlands implements new measures of a soft evening lockdown to counter the Coronavirus pandemic on November 28, 2021 in Rotterdam, Netherlands. For at least the next three weeks, venues such as cafes, museums, and cinemas must close by 5pm, and remain closed until 5am. 13 cases of infections by the Omicron variant have been detected by travelers flying back to The Netherlands from South Africa.
Nobody wants the new variant to infect more of the world's population. But if it does spread, then there might be a chance that the cryptocurrency bearing its name will surge in price--all because of the name and nothing else.
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Written by RJ Pierce