Little-known cryptocurrency Omicron (OMIC) was worth about $ 65 at the beginning of Saturday.

OMIC began to rise sharply at about 18 Moscow time on Saturday. On Monday, around 9 Moscow time, the cryptocurrency set a new all-time high of about $ 655 (according to CoinGecko).

Traders, for reasons not entirely clear, began to overclock a cryptocurrency, similar in name to a new strain of coronavirus, which caused a lot of noise in the financial markets on Friday.

Omicron is a decentralized reserve currency protocol running on the second level Arbitrum Ethereum network.

The Omicron token is backed by a basket of assets including USDC tokens. It is a fork of the new DeFi project OlympusDAO, which backs its token with primitive blockchain connections.

To date, over $ 670,000 has been deposited in its minutes, promising staking participants a huge projected annual return of 70,000%.

OMIC can only be traded on the SushiSwap decentralized exchange, which totals $ 454,000 in OMIC / USDC in the last 24 hours (according to CoinGecko).

CoinGecko has been tracking the price of the token since November 8, with no further information on OMIC offerings or market caps on the portal.