The “Omicron” cryptocurrency was named weeks before the new COVID variant.
Markets may have collapsed after Omicron, a new coronavirus, emerged earlier this week and began to spread to a country near you.
One of the best ways to cash in on human misery this week was to invest in a cryptocurrency project that is best known for being named after the latest variant of Covid-19.
A single Omicron token is now worth $404, an increase of 137% over the past 24 hours and 735% from its November 17th low. Trading data for the currency in CoinGecko starts on November 8th. A survey says that 69% of users are comfortable with the currency.
Omicron’s market is very small. Omicron has traded only $389,181 in the last 24 hours and its market capitalization is “?” at CoinGecko. The token is traded exclusively on Arbitrum One via SushiSwap.
The Omicron token powers a decentralized reserve currency protocol on the Arbitrum Network. The token is backed by a basket of assets, including USDC and MIM-linked liquidity provider tokens. It’s a fork of OlympusDAO, a new DeFi project that supports its token through primitive blockchain bindings.
The main way to continue pumping the price of the Omicron token and your production farm is through the “supply increase“, and everything falls apart if people stop investing money. So far, $671,081 has been deposited within their protocols, which leads to breathtaking projected annual returns of 70,377% for attendees (unless developers unplug the plug or people stop investing money or anyone of the myriad reasons that commonly lead to the collapse of income farms materialize).
So it’s just another bond-based yield farm, which happens to have the same name as the new Covid-19 variant, which while opportune is simply named after the fifteenth letter of the Greek alphabet.
The crypto project makes no mention of the virus in its documentation, and its first Discord announcement was sent out earlier this month, several weeks before the latest variant was named Omicron by the World Health Organization. Project chat with 500 people on Discord and Twitter.
Note that this coin, whose ticker is OMIC, is not the first Omicron coin. This goes into another currency, which goes by the name of the OMC quote on CoinMarketCap, and is not traded in any popular markets.
The original Omicron first appeared on August 31, 2016, on the forum Bitcoin Talk as a “dividend issuing currency”. The bill claimed to have raised 121 Bitcoins, now worth $6.5 million (before the Omicron virus crashed markets this week, its increase would have been worth much more). After a handful of dividend payments, the project came to an end.
If only the creators of the project could foresee the importance of the name “omicron” just five years later. At least they predicted the whole crypto thing would explode.