TL;DR Breakdown
• The crypto PHB went from being worth pennies to over a dollar in minutes.
• Phoenix Global could have been pushed by CoinMarketCap in value.
The cryptocurrency market is so volatile it only takes a couple of minutes for an unknown token to trend on platforms like CoinMarketCap. Phoenix Global, a cryptocurrency that works on the NEO platform, increased in value by over five thousand percent, leaving enthusiasts eager to invest.
The crypto PHB reached $1.14 after a price oscillated between 1 or 2 cents per token. Similarly, the operation volume had 3.79 million dollars to less than 770 thousand dollars in the same period.
Phoenix Global rears head again
Since its launch, Phoenix Global has become one of the forgotten tokens on CoinMarketCap. PHB has remained in the rank of around the first thousand on the crypto analytics platform and has now rapidly risen to number 501.
According to reports, the rise in PHB is due to NEO integrating Dapps, which developed the token in September. The company had developed several decentralized Apps solutions for BSC. The developers also proposed bypassing their PHX token to Phoenix Global, which is under the BEP-20 protocol.
This PHX tokens transfer to PHB occurred on November 2 and eventually increased the storage of the crypto PHB by over $35 million. Previously the token had a supply that did not exceed 4 billion dollars, so it was a very good update.
All this change caused CoinMarketCap to differentiate the price of the old tokens from that of the renewed token. Thus, the website concluded that the Phoenix Global price had increased greatly in just a few minutes.
Calculation error in CoinMarketCap
Even though Phoenix Global’s price was one of the best among ancient cryptocurrencies, some crypto fans think it was an error. Investors are clinging to the idea that the CoinMarketCap nonsensically pushed PHB even though the charts pointed to a not-so-high bullish streak.
The PHB price unit equals $0.02174, according to CoinMarketCap, with a decrease of over 18 percent in the last 24 hours. But CoinGecko shows that the token is worth $0.19332, losing 16.9 percent of its value on the last day.
That small difference in prices causes many investors to question CoinMarketCap’s calculation. However, do not forget that the website updates the prices of the crypto every second.
