Yup guys, no need to read the heading twice. We really mean it when we say that the new Covid-19 variant is proving to be beneficial for the crypto market.
Well, not totally beneficial for the market but beneficial in some ways. Now, you guys must be surely wondering that how come such grave news like the upcoming new Covid variant can help the crypto market in any way at all, right?
It is true, that the new variant is enough to bring the whole economy to a standstill just like the last time.
Well, to no surprise this is what has actually happened in the past week. The market has corrected heavily since the news of the new Covid variant has come out. So, what special has happened this time?
Well, we are sure that you have already heard the Omicron name mentioned in the heading right? Of course, you have.
As Omicron is the name of the new deadly Covid-19 variant which has emerged from South Africa and is spreading at an exponential rate just like the last time. But there is another side to this.
The exact name Omicron also belongs to a crypto coin and this coin has the ticker OMIC. The coin pumped humongously by 137% making the value of one OMIC be $404 and when compared to its ATL, the coin had pumped by 735%, just within 24 hours of the new virus being labeled the same name Omicron.
Further, the coin reached a whopping ATH of $689.12 as of November 29 which was huge.
Experts believe that the Omicron coin which is based on the Arbitrum Network and defined as a decentralized reserve currency protocol was only able to make such an impressive upwards move due to the new Covid-19 variant.
As the new variant was coincidentally named the same as the coin, the coin was able to gain large-scale attention from global crypto investors. As per the website CoinGecko, a poll suggested that 69% of investors felt good about the coin.
Well, this is certainly not the first when the Covid-19 pandemic has caused a positive effect in crypto rather than the usual negative one.
Back in the past, NFT enthusiast, Shalom Mackenzie bought a CryptoPunk NFT named CryptoPunk #7523 belonging to the rare Alien Punk series.
Just as the Omicron coin this too garnered the interest of NFT enthusiasts as the NFT character coincidentally wore a mask that resembled the current Covid norms of wearing a mask.
In the same way, people too got attracted to this unique NFT and the hype caused it to be sold for $11.8 million.
This officially ranked the NFT as the world’s 4th most expensive NFT ever sold.
To know about the other NFT that comes under the top 5 most expensive NFTs ever sold banner, please visit the link.
That will be all for now folks. Make sure to subscribe to our newsletter to receive weekly updates on all kinds of interesting topics.
Disclaimer: This article isn’t a piece of financial advice. DYOR before taking any action.