The value of Omicron Coin increased by 945 percent, to $321 yesterday following a declaration by the World Health Organization(WHO) of a new variant of the CoVid virus naming Omicron. Omicron is an Ethereum-based cryptocurrency, which is subject to volatility swings as its price is decided on the basis of supply and demand similar to other cryptocurrencies.
On November 27, the coin was trading roughly around $65 and now has skyrocketed its value.
Many coins including bitcoin dipped, while the omicron coin rose to an unprecedented level. Omicron has since receded and was trading at roughly $321 on coinmarketcap at the time of writing this article.
On November 26, WHO named the new South African COVID-19 Omicron. The official website of Omicron coin describes the coin as ‘a decentralized treasury-backed currency protocol’.