Phoenix Global token soars by 5,600% in just four minutes — But there’s a catch

Phoenix Global rapidly turned the 52nd largest cryptocurrency by market cap.

Phoenix Global token soars by 5,600% in just four minutes — But there's a catch

It took just four minutes for a comparatively unknown cryptocurrency to rise by over 5,600% as of Nov. 5, in response to information from CoinMarketCap.

Dubbed Phoenix Global (PHB), the token soared from $0.02057 to as excessive as $1.1413 on Nov. 5, with its quantity dropping surprisingly — from $3.79 million to round $777,680 in the identical interval.

6e6ff81b3cf5b51d75a6ee6f8cb420fa - Phoenix Global token soars by 5,600% in just four minutes — But there's a catch - 11

Nonetheless, on the core of the huge PHB pump was a token migration and a technical glitch, which CoinMarketCap has now fastened with PHB value now up a comparatively modest 59%.

Fake PHB pump?

In element, Phoenix Global introduced in September that it could shift its enterprise decentralized utility options from the Neo blockchain to Binance Smart Chain (BSC). In doing so, the workforce additionally proposed emigrate its NEO-based native asset PHX to PHB, a BEP-20 normal token, with a “redenomination” set at 100:1 (100 PHX = 1 PHB).

The mentioned migration commenced on Nov. 2 and successfully diminished Phoenix Global’s official token provide from round 3.5 billion to 35 million. Meanwhile, the decision led to the brand new PHB tokens buying and selling 100 occasions greater than the pre-swap greenback value.

That triggered chaotic calculations at CoinMarketCap, for it began evaluating the worth of outdated cash with that of the brand new ones whereas treating their provide cap the identical as 3.5 billion. As a consequence, it led merchants into believing that PHB’s market valuation had grown 56 occasions in lower than 5 minutes, hitting $4.24 billion to change into the 52nd largest.

“The project had undergone a re-denomination, and this affected the largest volume market pair on one exchange,” CoinMarketCap defined in non-public feedback.

c726d98f1cf65e8523f976977e414f78 - Phoenix Global token soars by 5,600% in just four minutes — But there's a catch - 13

Just a glitch, in any case

The price to buy one PHB token didn’t develop as boasted. On the opposite, the token dropped by greater than 32% to $0.947 after debuting on Binance on Nov. 5, as proven in the chart beneath.

bdb628d560e0ddafa2d14702e3355ff2 - Phoenix Global token soars by 5,600% in just four minutes — But there's a catch - 15

Earlier this 12 months, a technical glitch on CoinMarketCap had additionally pushed Wrapped Bitcoin, a cryptocurrency that acts as Bitcoin’s mirror throughout the Ethereum ecosystem, to the highest crypto spot.

Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes few free signals daily about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
These trading signals help earn from 5% to 45% profit in just a few hours after purchasing the coins published on the Telegram channel “Crypto Pump Signals for Binance”. Are you already making a profit using these trading signals? If not, then try it! We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP users of the Crypto Pump Signals for Binance channel.
Alex Sanders/ author of the article

Expert in marketing and investment project management, financial analyst. Cryptocurrency trader, private consultant, as well as the author of a number of analytical articles on effective work in the cryptocurrency market.

Binance Pump Signals for Cryptocurrency
Leave a Reply