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A new, fast-spreading Covid-19 variant dubbed omicron has sent bitcoin, cryptocurrency and traditional markets into meltdown this week, with investors being warned to “be on guard.” However, the price of one tiny cryptocurrency, coincidently named omicron, is suddenly soaring, adding around 500% in the days since the World Health Organization named the new Covid-19 variant—recalling the sudden rise and fall of a scam Squid Game-inspired cryptocurrency last month.

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