There is a lot of interest in the Omicron crypto coin. It’s hard to say exactly why that is. However, there is one thing that is for sure – this coin is going up and up in value. There is a reason why it’s on the rise. So, if you want to learn more about the Omicron crypto and why it's surging, then read on.
What is Omicron Crypto?
Omicron DAO is a decentralized currency protocol built on Arbitrum. The company aims to build a policy-controlled currency system on the Arbitrum network, in which the token behaviour is tightly controlled. Meaning, the OMIC token can function as a currency that is able to hold its purchasing power regardless of market volatility.
OMIC crypto is a free-floating reserve currency that is backed by a basket of assets (e.g. USDC, OMIC-MIM LP) in the OMIC treasury, giving it an intrinsic value that it cannot fall below. The OMIC crypto is backed by 1 USDC, but not pegged to it. Think pegged == 1, while backed >= 1. Meaning, the token could always trade above 1 USDC because there is no upper limit imposed by the protocol.
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Why is Omicron Token Price Increasing?
On November 27, the same Omicron crypto that was trading for $65 later hit its all-time high of $689 on Monday, November 29. The Ethereum-based crypto surged by 945% over the weekend and everyone was wondering what could have caused this massive price surge.
The reason behind the sudden rise in Omicron crypto token price was the news that the World Health Organisation (WHO) had named the new COVID-19 variant “Omicron”. This news sent shock waves across the crypto space and the Omicron token price took off like a rocket. This is an example of how even a completely unrelated piece of news can have a huge impact on the market.
Interestingly, the current Omicron crypto price is $22.21 USD with a 24-hour trading volume of $3,770.34 USD. The token is down 8.29% in the last 24 hours. The current CoinMarketCap ranking is #6195 with max. supply of 1,000,000 OMIC coins. Apparently, the coin is on the decline but that might change soon. Let’s wait and see what happens in the future.
Check back here for more updates on the Omicron crypto coin!