Cryptocurrencies with the same name as Omicron coronavirus variants soared last week as investors became familiar with the Greek letter.
When the token's price hit $688 on Monday morning, CoinGecko's crypto tracker said it had risen almost tenfold from Friday morning to Monday morning, when it had just over 1,000 followers on Twitter.
Omicron, a "decentralised treasury-backed currency protocol," was trading at about $371 at 9:35 a.m. Eastern Time. At the time, it was trading at around $65.
The World Health Organization, which on Friday named the new COVID-19 variant Omicron, said as more countries reported cases, there is a "very high" global risk of surges, although scientists have said it could take weeks to understand its severity..
On Friday, Bitcoin had its worst day in two months, losing more than 8% of its value as investors opted for safe havens like the dollar instead of riskier assets like stocks. In the wake of Monday's global market calm, it has since recovered most of its losses.
Dogecoin and other lesser-known cryptocurrencies have benefited from links to memes or internet culture this year, resulting in rapid booms and busts while more mainstream names like bitcoin continue to rise in popularity.
The Omicron token's launch date is unknown. A Telegram channel under the name OmicDAO was launched a day earlier than the CoinGecko price data.
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