The cryptocurrency investors started to take an interest in a new token called Omicron or OMIC during the last week. While the rest of the cryptocurrency market was in a state of panic and decline, the OMIC token was performing pretty well. It is worth noting that the scientists from South Africa published the news about a new variant of COVID variant with more than 50 mutations.
Following the news, both the stock and the cryptocurrency markets went into a shock, and investors started to sell out their reserves. The flagship cryptocurrency Bitcoin also moved to the lowest price range during the last two months. However, the OMIC token managed to get appreciated by 898% during this time.
It is worth noting that there are no details available about the origin of the mysterious token called Omicron. The word Omicron is the fifteenth letter in Greek alphabets has been assigned a value of 70. However, it is an Ethereum based token that uses bond-yield farming. The token came out as a result of a new fork added to the DAO Defi protocol for Olympus.
The token crashed to $320 after the news broke that the new COVID variant is not as deadly as it was thought to be.
The Similarity between OMIC Token and Squid Games Token
Recently, another token dubbed SQUID underwent a massive increase in price before crashing. The token was riding the speculation train of the new Netflix hit series Squid Games. However, after gaining considerable price momentum, the token crashed instantly and left the investors with massive losses. The event is currently under investigation and dubbed as a rug pull.
Many investors are comparing the Omicron token with the SQUID token phenomenon. Coingecko has issued statistics that show that the maximum supply of the token is limited to 1 million coins. Coingecko also declares that currently, 2,430 OMIC tokens are in circulation that is valued at $1.4 million. However, little to no information is available about the developers behind the project, which makes it a risky investment option.