- Phoenix Global’s official token supply was lowered from 3.5 billion to 35 million.
- After the switch, the new PHB tokens traded 100 times higher than the old ones.
According to CoinMarketCap, a relatively obscure cryptocurrency rose 5,600% in only four minutes on Nov. 5. Phoenix Global (PHB) rose from $0.02057 to $1.1413 on Nov. 5, with volume reducing from $3.79 million to about $777,680. The large PHB pump was caused by a token migration and a technical malfunction, which CoinMarketCap has now corrected PHB up 59 percent.
In September, the Phoenix Global decentralized application solutions have announced a shift from Neo blockchain to Binance Smart Chain (BSC). The team also suggested “redenomination” of its NEO-based native asset PHX to PHB, a BEP-20 standard token, with a 100:1 ratio (100 PHX = 1 PHB).
Phoenix Global’s official token supply was lowered from 3.5 billion to 35 million as of Nov. 2. After the switch, the new PHB tokens traded 100 times higher than the old ones.
Technical Error
Thus, CoinMarketCap began comparing the value of old coins to new coins while considering their supply limit as 3.5 billion. Consequently, traders mistook PHB’s market cap of $4.24 billion for a 56-fold increase in less than five minutes. The price of a PHB token did not rise as expected. Since its Binance launch on Nov. 5, the cryptocurrency has lost almost 32% to $0.947.
Earlier this year, a CoinMarketCap technical error put Wrapped Bitcoin, a Bitcoin replica inside the Ethereum ecosystem, to the top crypto slot. According to CoinMarketCap, the Phoenix Global price today is $0.912772 USD with a 24-hour trading volume of $7,431,366 USD.
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