What an incredible year for the value of altcoins and lesser known digital assets. It would seem that all that is needed for them to go from complete obscurity to front page news is the connection to the right meme or to benefit from a well-timed tweet from some quirky and eccentric billionaire.
A cryptocurrency called Omicron is currently enjoying such notoriety, if only momentarily.
While treading water for much of the past week, the popularity of Omicron went into full ‘beast’ mode once the media announced a coronavirus variant that had been discovered in southern Africa and was given the same name as the coin.
From what we can determine, Omicron was launched on or around November 8th but already it’s identifiable by much of the mainstream public. The coin shot up 10 times in value from last week Friday till Monday as the news of the virus permeated all the major news outlets.
‘Experts’ said the rapid rise in popularity was likely attributable to the fact that both the new coronavirus variant and the coin share the same name. Good guess.
There are other coins, once relatively obscure, that have quickly risen in popularity as well:
SAND – A digital asset that’s being mega-hyped by metaverse enthusiasts. SAND are tokens that can be traded or earned upon completion of certain adventures within the popular virtual gaming world called Sandbox. The digital coins recently traded at around $7 and have enjoyed an eye-popping 80%+ increase in value in the past week alone.
The metaverse, which is a combination of multiple technologies, including virtual reality and augmented reality where users can hypothetically ‘live’ within the technical platform, is gaining attention from some very big, highly recognisable companies that are considered industry leaders. According to a recent statement from one such company, Adidas, they are keenly focused on how the metaverse develops saying that it is ‘…currently one of the most exciting developments in digital, making it an interesting platform for Adidas’.
MANA – Another coin that’s riding the Metaverse wave of popularity. The MANA coin is associated with the Decentraland Metaverse and rose from $2.81 to $4.67 during the month of November. If metaverse environments pique your curiosity, Decentraland is an interesting story. There were many headlines that mentioned Decentraland last month which has a tendency to happen when a nation like Barbados starts to make remarks that it is taking steps to setup a virtual embassy in Decentraland’s metaverse.
The increase in value of altcoins mentioned above seem to have been initiated by Facebook’s announcement in October that the company would be adopting a new name – Meta, a new mission that hopes to ‘bring the metaverse to life’.
Overall, the cryptocurrency market demonstrated mixed results this week.
As we close out 2021, Bitcoin was projected to reach a year-end value of $100,000, but in terms of reaching that value, the market’s key digital asset would need to stage more than a 75% rally in the next four weeks.
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