According to data from CoinMarketCap, it took only four minutes for an anonymous cryptocurrency to surge more than 5,600% on November 5th.

The token known as Phoenix Global (PHB) jumped from $ 0.02057 to a high of $ 1.1413 on November 5, while its volume plummeted worryingly – from $ 3.79 million to around $ 777,680 over the same period.

PHB price development over the last 24 hours. Source: CoinMarketCap

However, the core issue with the massive PHB pump was the token migration and a technical bug that CoinMarketCap fixed with the PHB price, which is now up a relatively modest 59%.

Counterfeit PHB Pump?

In September in particular, Phoenix Global announced that it would migrate its decentralized application solutions for companies from the Neo-Blockchain to the Binance Smart Chain (BSC). At that time, the team also suggested converting their NEO-based native asset PHX to PHB, a BEP-20 standard token, with the ratio set at 100: 1 (100 PHX = 1 PHB).

The migration began on November 2nd and effectively reduced Phoenix Global’s official token offering from around 3.5 billion to 35 million. Meanwhile, the move made the new PHB trade 100 times higher than the pre-swap price.

That caused chaos in CoinMarketCap’s calculations as the company began comparing the value of old coins to the value of new coins while capping its supply at 3.5 billion. This leads traders to believe that PHB’s market valuation has risen 56 times in less than 5 minutes, reaching $ 4.24 billion to become the 52nd largest cryptocurrency.

CoinMarketCap explains in private comments:

“The project has been renamed, and this affects the highest-volume market pair on an exchange.”

Market capitalization performance of PHB. Source: CoinMarketCap

PHB fell more than 32% to $ 0.947 after launching on Binance on Nov. 5.

PHIB / USDT 1D chart. Source: TradingView

Earlier this year, a technical glitch at CoinMarketCap also catapulted Wrapped Bitcoin to the top of cryptocurrencies.

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Annie

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