Imagine waking up to a 67,000,000% increase in the value of your crypto investment, only to discover that things may not be as good as you thought.
The EthereumX (ETX) token community experienced this after logging onto Coinmarketcap on Saturday morning and discovering that the token’s price had “shot up” by more than 69M percent in less than 24 hours.
Despite the lack of verified volume, the token’s price was $50,850 at press time, ranking 201 with a market cap of $4.4 trillion.
“The current market capitalization is $4.4 trillion.” It is worth $4,400 billion. It’s roughly one-fifth of the US GDP. Excellent work!” One tweep cracked a joke.
Mr. Whale, a popular crypto netizen, was alerted to the price flash and warned his over 360,000 followers not to invest in such a token.
“This shitcoin is up 66.5 million percent in the last 24 hours,” he said, adding that “retail noobs are like: “ooooh wow! “It appears that now is a good time to buy.”
Although neither CMC nor the tokens developers responded immediately, Mr. Whale was quick to raise a red flag on the abnormal surge, stating that he believed it was a glitch.
Despite having a relatively small following of about 515 members on Telegram and 957 Twitter followers, some of The token’s telegram community members were also convinced that there could be a problem with CoinmarketCap’s data generation algorithm.
“This isn’t a pump; it’s just a CMC bug.” There was no pump, and it’s not a pump coin in general. “Sustainable growth,” said one member.
Looking at other data providers such as Coingecko and more than five exchanges that have listed the token, the price was $0.088320 at press time, representing only a 20.8 percent increase in the previous 24 hours, a fact that most community members seemed to agree on.
EhereumX, as the name implies, is a token that runs on the Stellar Network and aims to compete with Ethereum by promising to be more scalable and efficient than the latter.
This isn’t the first time that data errors on price-tracking websites have caused consternation among the cryptocurrency community. Although there is no clear information as to what occurred, pundits speculate that a miscalculation error on the platform’s database may have occurred. In September, the site experienced another “price calculation error,” causing the prices of some coins on the website, including Bitcoin, to artificially inflate.
“There was a price calculation error on tether which caused any listing with a tether market to become artificially inflated,” Marketing Vice President Carylyne Chan said at the time.