Normally, a product sharing a name with a virus variant would be bad for business. But these are not normal times, and crypto is decidedly not a normal business.
Little-known token soared in value after the World Health Organization designated Omicron a “worry variant” on Friday. Doubled, yes, Omicron, the token went from around $ 65 to $ 675 on Sunday, according to Crypto.com.
And although the price has since fallen to $ 308 at the time of writing, the timing of the rise suggests that it is based on little more than the token’s shared name with the latest variant. That’s right, people buy a more or less random token – itself a fork from another project – for the same potential.
Those behind the Omicron project are clearly aware of the oddly fortuitous tip of the token, tweet a sideways emoji in response to the news.
Notably, despite viral claims on the contrary, the Omicron token had his name before WHO named the last variant.
Omicron wouldn’t be the first token to see its value rise in response to apparent meme-based speculation – the Shiba Inu cryptocurrency is perhaps the most recent example of this phenomenon – and it surely won’t be the one. latest.
After all, memes, like exuberance, are often irrational.