New cash maintain showing on this planet of crypto. A comparatively unknown cryptocurrency known as Omicron (OMIC), which shares its title with the brand new COVID-19 variant, has gained over 900 p.c prior to now 48 hours.
The improvement comes days after bitcoin fell greater than 9% on Friday, dragging the smaller coin down, following the invention of a brand new, probably vaccine-resistant coronavirus variant, with traders taking dangers to the perceived safety of bonds, the yen and the greenback. Dumped the property.
The OMIC token was promoting for simply over $50 on Saturday, however after the information from the World Health Organization (WHO) surfaced, the coin hit an all-time excessive of $689 on Monday morning. According to CoinGecko, the worth of the token is $634.38 on the time of writing this text.
Omicron works on the Ethereum layer two community Arbitrum. The token is backed by quite a few different cryptocurrencies together with the USD Coin (USDC) stablecoin and Liquidity Provider Token.
According to CoinGecko, OMICs can solely be traded on the Sushi Swap decentralized trade, which runs on a peer-to-peer community. Over the final 24 hours the trade has seen quantity of $554,222 for the OMIC/USDC pair. Furthermore, the Token Analytics web site doesn’t include some other particulars on the token provide or its market capitalization.
Investors should be cautious earlier than buying and selling on Omicron, as little is thought in regards to the cryptocurrency and never a lot knowledge is offered in regards to the existence of the token.
We do not know if the undertaking has any malicious intent—such because the ‘SQUID’ token case—when hundreds of thousands of {dollars} vanished inside minutes after traders piled in a brand new cryptocurrency impressed by the “Squid Game,” the favored Netflix survival collection, Only to see its worth drop to virtually zero in a matter of hours. This was a doable “rug bridge” case.
A veg pull within the cryptocurrency business is a malicious maneuver the place crypto builders abandon a undertaking and run away with traders’ funds. In the case of Squid Crypto, it’s estimated that the creators have gone lacking with $3.3 million (roughly Rs 22 crore).
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With inputs from TheIndianEXPRESS
