The value of the cryptocurrency ‘Omicron’ has increased by more than 900% on the COVID-19 variant.

On the COVID-19 variation, the ‘Omicron’ cryptocurrency surges more than 900 percent.

Cryptocurrencies bearing the same name as Omicron coronavirus variants rose this week as investors became familiar with the Greek lexicon.

From Friday to Monday morning, the price of the hitherto unknown digital coin, which has less than 1000 followers on Twitter, soared over tenfold to US$688 before plummeting up to 75%, according to cryptocurrency tracker CoinGecko.

Its website touts Omicron as “a decentralized treasury-backed currency protocol.” At 9. 35am ET, the token was trading at around US$371.

Thursday it was trading at under US$65, a 958 percent drop from its previous high of US$688.

More nations are reporting instances of the new COVID-19 strain, which the WHO called Omicron on Friday. Scientists say it could take weeks to comprehend the severity of the rise in global cases.

Source: Coindesk

More than 8 percent of Bitcoin’s value was lost on Friday as investors opted for safe havens like the dollar instead of stocks and other riskier assets.

Global markets returned to normalcy on Monday, essentially erasing all of the market’s previous losses.

Dogecoin and other lesser-known cryptocurrencies have benefited from linkages to memes or internet culture this year, resulting in abrupt booms and busts, while more famous names like bitcoin have soared in popularity.

The Omicron token’s launch date is unknown.

On November 8th, CoinGecko’s pricing data for OmicDAO was published, however, a Telegram channel under the same name was started a day ear