A cryptocurrency named Omicron spiked after latest Covid variant

A cryptocurrency named Omicron soared in the market, jumping 10 times in value, after the WHO named the latest Covid variant.

Omicron took off after the latest Covid variant was named. Picture: Coin Market Cap

Trading in the cryptocurrency Omicron exploded on Monday and its value gyrated after the World Health Organisation (WHO) decided to use that name for the latest variant of Covid-19.

Obscure and relatively stable in recent weeks, the virtual unit jumped to nearly $700 early on Monday, about 10 times its previous value, according to the crypto news website CoinMarketCap.

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But after a two-day surge it fell to $152.

On Friday, WHO jumped two letters in the Greek alphabet to give the name Omicron to the latest Covid variant of concern.

Meanwhile the cryptocurrency Omicron was created in early November, with its founders making no reference to Covid-19 at the launch.

Instead, they expressed hope that it could conserve purchasing power independently of the market’s volatility.

Omicron isn’t the only virtual unit to benefit from notoriety from the real world, only to see the gains subsequently collapse.

Crypto coin fell to $152 before rebounding and stabilising at around $350. Picture: Screengrab

The Squid coin, created by fans of the TV series Squid Game, rose from $0.70 at its launch on October 21 to a peak of $2.86 on November 1.

It fell to $0.003 the following day.

Traders discovered they couldn’t cash out their profits and the creators disappeared from social media.

– with AFP