Shiba Inu and other coins surge to quintillions of dollars on CoinMarketCap.
Cryptocurrency users become millionaires and trillionaires overnight as a result of a CoinMarketCap mistake.
Due to a problem suffered by the world’s leading cryptocurrency ranking website, cryptocurrency values skyrocketed on the platform.
Bitcoin, Ethereum, Litecoin, Stellar, and other popular cryptocurrencies have hit quintillions of dollars in value.
Meme currency Shiba Inu temporarily topped the list, with CoinMarketCap showing its price increasing by a whopping 67 billion percent. The token’s value has been inflated to $22,000 USD.
The price of Ether has risen to $524 billion, which is now larger than the meme cryptocurrency’s genuine market capitalisation.
Some apps that use CoinMarketCap data were also affected by the apparent malfunction, causing its users to experience a brief burst of excitement.
Overnight, “gazillionaires” were reveling in their fictitious wealth.
Some cryptocurrency values began to appear inaccurately on Coinbase, the largest exchange in the United States.
CoinMarketCap responded to the event with a tweet, stating that the faults that caused price fluctuations have been resolved. In accordance with its remediation strategy, the Binance-owned website will reboot its servers to restore normalcy.
Tesla CEO Elon Musk, who was selected Time Magazine’s person of the year on Monday, was not unaffected by the CoinMarketCap problem.
Musk used the iconic laughing weeping emoji in response to a tweet from Dogecoin co-founder Billy Markus, in which he joked about his tax rate jumping owing to being a “unrealized quadrillionaire.”