In recent years, we have become accustomed to the fact that any events in the world may affect the price of cryptocurrencies, such as mentioning cryptocurrency DogeCoin by Elon Musk over the past year or the recent rise of the Squid Game token, which has risen due to new and successful TV series on Netflix. Recently, however, we have had a completely unique situation that is directly related to the coronavirus pandemic. The World Health Organization (WHO) named the latest coronavirus mutation called Omicron on Friday, which resulted in an increase in cryptocurrency of the same name by an insane 1100% over the weekend.
To be more specific, the value of the token was $64.84 on November 27, compared to $711.09 on November 29. However, the price of this cryptocurrency dropped to $210.28 at the end of the weekend, which in other words means that within a few hours, this cryptocurrency lost 75% of its total value. After all, it is precisely such cases that have aroused much criticism around the world. The market capitalization of this cryptocurrency is not available and the maximum number of Omicron tokens is 1 million coins and can only be traded on one decentralized platform, the Sushiswap.