With a new rapidly spreading variant of COVID-19 being named the same name, a relatively humble cryptocurrency called Omicron (OMIC) surged to a record high today.

A few hours ago, during the Asian trading session on Monday morning, Omicron’s OMIC token hit a record high of $689. This move added another 200% increase to the token that day. Since its trading price on Saturday was about $65, the increase has been as high as 945%.

The token has the same name as the new Covid-19 variant first discovered in South Africa on November 23. The World Health Organization named the rapidly spreading strain of B.1.1.529 after the fifteenth letter of the Greek alphabet.

Crypto critic “Mr. Whale” commented that the sharp increase in prices indicates that things are in a “huge bubble”.

The crypto token named after the new COVID-19 variant “Omicron” has risen by more than 650% in 3 days and is now worth more than $400 million.

If this is not a sign that we are in a huge bubble, I don’t know what it is. pic.twitter.com/7ESD1v9wgF

-Mr. Whale (@CryptoWhale) November 28, 2021

Omicron is a decentralized reserve currency protocol that runs on Arbitrum, the second layer of Ethereum network. Its native OMIC token is backed by several other crypto assets, including USDC stablecoins and liquidity provider tokens.

It can only be traded on the SushiSwap decentralized exchange. According to the trading volume of the OMIC/USDC pair in the past 24 hours, it reaches $454,000. Coin TigerThe Token Analysis website does not have more detailed information about OMIC’s supply or market capitalization.

The bond-based high-yield agricultural project was implemented in early November. OlympusDAO DeFi protocol, But apart from the name, it has no other connection with the virus.

related: Bitcoin fell below $54,000, and stocks sold after the emergence of new COVID-19 variants

Later last week, with the news of a new COVID variant, the stock market plummeted and there was a massive sell-off on Black Friday, erasing the November gains of the S&P 500 and Nasdaq Composite.

However, as the new week begins, the cryptocurrency market is picking up again at the time of writing after falling to its lowest level since mid-October on Saturday, and the situation looks brighter. According to CoinGecko’s data, the total market value has risen by 5.6% in the past 24 hours and is currently $2.71 trillion.