Cryptocurrency Omicron in frenzy over Covid-19 variant
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Obscure and relatively stable in recent weeks, the virtual unit jumped to nearly $700 early Monday, about 10 times its previous value, according to the crypto news website CoinMarketCap.
It later fell to $152 before rebounding and stabilising at around $350.
Instead, they expressed hope that it could conserve purchasing power independently of the market's volatility.
Omicron isn't the only virtual unit to benefit from notoriety from the real world, only to see the gains collapse.
The Squid coin, created by fans of the TV series, rose from $0.70 at its launch on October 21 to a peak of $2.86 on November 1.
It fell to $0.003 the following day. Traders discovered they couldn't cash out their profits and the creators disappeared from social media.