Tuesday, August 16

The cryptocurrency omicron takes off due to the coincidence of its name with the new strain of Covid

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This Monday, the World Health Organization (WHO) has declared the risk of the new variant of Covid-19, called omicron, as “very high.” In a report on this new strain of SARS-CoV-2, WHO draws attention to high omicron mutations, with the potential to be more resistant to the vaccine and more contagious.

Since the new South African strain made a press event, there has been an asset that has been revalued strongly: the cryptocurrency that bears the same name that the WHO has assigned to the new variant: omicron. It is less than a month old and most of it has been negative compared to its starting price, however, last Friday there was a big bullish movement.

The small-cap token defines itself as a “decentralized currency protocol” (DAO) built on top of Arbitrum, the most widely used Layer 2 solution in the world. Ethereum currently.

As you can see in the picture, it had not had any success until its name coincided with that of the new strain from South Africa

Volatility

It went from trading to $ 65 Friday before the new variant was named omicron over 700 this morning, level from which some sales have emerged.

However, it is one of the assets that has benefited the most from this bad health news globally. However, their trading volume, even despite so much movement, is just over $ 600,000.

Is a market inefficiency that something goes up due to a name match but it is not something that happens only with cryptos, without going any further when Facebook changed the name to Meta, an ETF with that ticker, triggered its inflows of money.

Reference-www.elespanol.com

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