October 3, 2022

Blog @ Munaf Sheikh

Latest news from tech-feeds around the world.

An Omicron Cryptocurrency Started Spiking, Because We Are Doomed


“Do we even need to talk about how ridiculous this is?”

Omicron

First there was the “Squid Game”-inspired crypto token that ended up being a sham. Then we got Thanksgiving parade balloons being used to sell NFTs.

Absolutely nothing is sacred, with the crypto world sticking its fingers in practically every pie.

In fact, not even the deadly COVID-19 pandemic is safe — one new cryptocurrency hit the crypto market this month with the same name as the scary new coronavirus variant, dubbed Omicron.

And it shouldn’t come as a surprise that the token has caught on like wildfire as the variant spreads, rising ten times in value from Friday to Monday morning, according to CNN.

Hype Token

The token hit an all-time high of $689 on Monday — a massive jump from just $65 on Saturday — according to CoinGecko, signaling that, perversely, people are willing to cash in on a token named after a virus expected to ravage the world in the coming weeks (or not, we’re not entirely sure yet).

It also shouldn’t come as a surprise then that the Ethereum-based hype token that calls itself “a decentralized treasury-backed currency protocol” on its website isn’t exactly the safest investment.

“Do we even need to talk about how ridiculous this is?” Bloomberg Opinion editor Mark Gongloff wrote in a recent piece. “Here is an asset trading on an obscure, risky exchange that is less than a month old and so illiquid we don’t even have market-cap data for it yet.”

But that isn’t stopping people from buying it, you know, just for fun.

“This is like buying a hot dog because you saw a dog,” Gongloff wrote. “Or a Mars bar because you saw Mars. Although with those examples you at least get some food out of the deal.”

So, as always, buyers beware.

Updated to reflect that the relationship between the Omicron cryptocurrency and the Omicron virus is unclear.

READ MORE: ‘Omicron’ cryptocurrency soars on new variant [CNN]

More on crypto: The Crypto-Trading Hamster Has Died of Unknown Causes

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