Cryptocurrency Omicron surges 900 percent due to name likeness with new COVID variant

In the crypto world, new coins keep on appearing. A relatively unknown cryptocurrency called Omicron (OMIC), which shares its name with the new COVID-19 variant, has spiked more than 900 percent over the last 48 hours.

This development comes days after Bitcoin tumbled over 9 percent on Friday, dragging smaller tokens down, after the discovery of a new, potentially vaccine-resistant coronavirus variant saw investors dump riskier assets for the perceived safety of bonds, the yen and the dollar.

OMIC token was selling at just over $50 on Saturday but after the news of World Health organisation (WHO) surfaced, the token hit an all-time high of $689 on Monday morning. At the time of writing this article, the value of the token is $634.38, as per CoinGecko.