The price of omicron’s omic coin has soared from around $50 to almost $400 in the last few days, as measured by cryptocurrency price data tracker CoinGecko.
Omicron, described as “a decentralized treasury-backed currency protocol” built on ethereum scaling technology Arbitrum and launched just weeks ago, can only be traded on the controversial decentralized exchange SushiSwap. Such exchanges, whose decentralized nature means there isn’t a central authority in charge, are known to be often hit by hacks, exploits and so-called rug pulls that see users funds stolen.