There's an 'Omicron' crypto token too and its prices shot up 900% in 2 days

Even though other cryptocurrencies are seeing a major decline in their value, a relatively lesser-known cryptocurrency token, Omicron, shot up by over 900 per cent, thanks to the World Health Organisation (WHO) naming the South African Covid-19 variant with 'Omicron'.

The crypto token, which was trading at $64.94 on November 27, rose to its highest-ever level of $692.45 on November 29, thereby seeing over 900 per cent rise in its price, the data by Coinmarketcap shows.

However, after seeing a sharp rise, the crypto token has fallen to the current level of $212.69. Omicron saw around 65.32 per cent decline in the past 24 hours. The Ethereum-based crypto coin can be traded via SushiSwap, which is a decentralised exchange.

Also read: Omicron fears: India revises Covid guidelines again for international passengers. Details here

"The live Omicron price today is $212.94 with a 24-hour trading volume of $480,541," Coinmarketcap data shows. The crypto coin's "fully diluted market cap" stands at $212,936,782.67, the platform shows.

Notably, the World Health Organisation (WHO) on November 26, 2021, designated the new South African Covid-19 variant B.1.1.529, named Omicron, a "variant of concern".

The development comes after the number of people testing positive has risen in areas of South Africa by this variant. However, research is underway to understand if it's because of the 'Omicron' variant or some other factors. Experts say that Omicron has several mutations that may have an impact on how it behaves. For example, on how easily it spreads or the severity of illness it causes.

Also read: Omicron variant: Govt to supply made-in-India vaccines to African countries