OMIC shares its name with the new Corona Virus variant that has been crashing asset prices across myriad sectors. The token derives its value from a basket of assets including Circle’s USDC and various LP tokens.
In my mind, there is nothing particularly special about this new token aside from its riding the recent ‘Omicron variant wave’. The token only trades via Sushiswap on scaling solution, Arbitrum.
Will we be seeing a lot of Omicron in the future?
My guess would be – probably not. What I find interesting is the way in which current affairs can pump the price of a very small coin, purely on the basis of a name.
This goes to show the sentiment driven risk inherent in investing many small cap cryptocurrencies…
Be careful and ALWAYS do your own research.