A relatively unknown altcoin, according to data, has soared over 5,600 percent in just four minutes the past day. So, what lies behind the rise of this token? Here are the details…
Phoenix Global (PHB) altcoin rose over 5,000 percent
cryptocoin.com As we reported, the token, called Phoenix Global (PHB), rose from $ 0.02057 to $ 1.1413 on November 5. However, its volume fell surprisingly from $3.79 million to $777,680 over the same period. At the heart of the massive PHB pump, however, was a technical glitch and a token transition process, which CoinMarketCap corrected with a relatively modest 59 percent increase.
Phoenix Global announced in September that it will shift its enterprise decentralized application solutions from the Neo network to Binance Smart Chain (BSC). The team also proposed to switch the NEO-based native asset PHX to the BEP-20 standard token, PHB, with a “revaluation” by setting it to 100:1 (100 PHX = 1 PHB). The said transition kicked off on November 2, reducing Phoenix Global’s official token supply from about 3.5 billion to 35 million. Meanwhile, the decision resulted in new PHB tokens being traded 100 times higher than the pre-trade dollar price.
This triggered chaotic calculations on CoinMarketCap as it started comparing the value of old coins with that of new ones, while also tackling the supply at 3.5 billion. As a result, this glitch has made traders believe that the market cap of PHB has grown 56 times in less than five minutes.
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