Several crypto investors were ecstatic after viewing CoinMarketCap. A small glitch by the popular crypto data platform, got people believing that they were not just millionaires or billionaires but “zillionaires.”
Crypto data aggregators like CoinMarketCap and CoinGecko have been essential to the crypto-verse. An array of people go on to these platforms in order to check the prices of their desired crypto assets. However, things went haywire following a glitch in the CoinMarketCap system.
This glitch gave rise to increased confusion after the prices, ranking, and market cap of these assets appeared to be inflated. While Bitcoin [BTC], the world’s largest cryptocurrency has remained first on the list for the longest time, the newly emerging meme coin, Shiba Inu [SHIB] briefly amassed this spot.
CoinMarketCap sends all the assets to the moon
The value of Shiba Inu [SHIB] hasn’t come anywhere close to a dollar, however, the revised prices on the platform shipped the meme coin’s worth to thousands. By this time, many had figured out that there was a problem with the data aggregator and therefore decided to triumph about their fake fortunes.
These prices did send everyone into a frenzy. However, CoinMarketCap decided to be witty about the whole incident. The platform took to Twitter and said,
“How did it feel to be a trillionaire for a couple hours?😂”
Prominent cryptocurrency exchange, Coinbase also experienced something similar. Addressing the situation, the exchange affirmed that the prices displayed had no impact on trading. The tweet read,
“We’re aware some customers are seeing inflated values for non-tradable crypto assets on Coinbase.com and Coinbase Wallet. This is a display issue only and does not impact trading.”
While Coinbase managed to resolve the issue, CoinMarketCap was still encountering issues. Earlier today, the price of Bitcoin was displayed as being down by 99%.
This glitch was resolved as the prices of crypto assets on the platform seemed to be normal, at the time of writing. Yet, the whole incident paved the way for a wide range of speculations. Many from the crypto community noted that the inflated price displayed on the platform could be the actual price of the assets a couple of years later.
Despite encountering this glitch, none of the platforms revealed the reason behind the same.
