“Accidentally” has the same name as the new COVID-19 variant, a token that increases in price 10 times in just 2 days – LLODO

The world’s most popular cryptocurrency Bitcoin ended a volatile trading week with a drop of nearly 8% in the last session of 11/26. At one point, the value of Bitcoin fell to the threshold of 53,551 USD/Bitcoin – the lowest since October 10.

According to many experts, this decrease reflects the concern of many investors in the cryptocurrency market before the news of the emergence of a new variant of the virus that is resistant to the COVID-19 vaccine. Accordingly, a new variant called Omicron discovered in South Africa, Botswana and Hong Kong (China) has an unusual combination of mutations. Scientists fear that this variant could “evade” the human body’s immune responses, or make the virus more contagious.

Notably, the appearance of the Omicron variant also brought about a tremendous increase in the value of a token that has nothing to do with the same name!.

Specifically, Omicron (or OMIC), is a token developed based on Ethereum’s layer 2 (layer 2) Arbitrum cryptocurrency platform. OMIC is currently only tradable on the SushiSwap decentralized exchange. The current trading volume of the OMIC/USDC pair in the past 24 hours is around $668 thousand, according to data from Coinmarketcap. However, information such as OMIC’s total supply or market capacity is not made public. The OMIC itself has no relation to the Omicron variant, except for the name.

According to data from the cryptocurrency market monitoring website Coinmarketcap, OMIC reached an all-time high of 689 USD in trading at 10:40 am (Vietnam time). This is an amazing increase of up to 10 times of OMIC in just a few days, since this token was recorded by Coinmarketcap a few days ago, on 11/27.

At this point, the value of OMIC is only trading around $65. However, the value of OMIC immediately flew as high as 945% when the news about the SAS-CoV-2 Omicron variant was continuously reported by the world media.

Worth mentioning, before the extremely fast increase of OMIC, many crypto experts were bored:

“If this isn’t taken as a sign that things are in a giant bubble, I don’t know what is,” said crypto expert Mr.Whale on Twitter.

Of course, investing in these overheating tokens also brings a lot of risk to users. In which, the biggest risk can be mentioned that investors are “lost” because of the “Rug Pull” technique. In the cryptocurrency market, Rug Pull (or Carpet Pull) is a term that refers to the action of the coin/token development team to withdraw all investors’ capital and run away. This action often occurs on decentralized platforms, when a certain token is drained of liquidity and is no longer valid for exchange, causing great damage to investors who previously purchased tokens.

In fact, tokens in the form of ‘junk’ often have the same course and outcome throughout their life cycle: A sudden spike in value in a short time, then also a rapid collapse. a short time. Most recently, many investors had to taste the bitter fruit when a fraudulent token ‘follows’ the Squid Game series has an unbelievable increase of hundreds of thousands of times, before falling to 3.6 million times only. in a few minutes.