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November 29, 2022
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Guide & Analysis

CoinMarketCap mistakenly jumps in BTC, DOGE, HUH

As per the prices of the main listing platform CoinMarketCap, countless new trillionaires were made on the 14th of December 2021

From huge established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), to promising new coins like HUH Token (HUH), percentage increases in the millions have been displayed, creating the illusion of temporary billionaires. Even stablecoins like Tether (USDT), which as the name suggests is tied to the value of the US Dollar, showed a value as high as $69,894,267.23.

What happened on CoinMarketCap?

CoinMarketCap confirmed the issue as a technical glitch. There were fears of a hack, but the features were an API bug. CoinMarketCap, which is owned by Binance, was quickly informed and released a statement on Twitter after resolving the flaw:

“Following the irregularities we observed on our platform this afternoon, although the issue has been fixed, we will be restarting our servers as a final step in line with our internal remediation plan. Apologies for the inconvenience.”

During the glitch, the website claimed that the total market capitalization of cryptocurrencies was around $20 quadrillion.

CoinMarketCap is the most popular price aggregator in the industry and as such has considerable influence over a number of other wallets and listing sites. Jax users suddenly seemed to have billions of dollars in their accounts, and major financial news sites like Yahoo Finance and CNBC mistakenly showed big rises and big drops.

Screenshot 2021 12 14 at 22 scaled

Failure leads to false price increases in BTC, DOGE, HUH

Bitcoin (BTC) is the leader of the cryptocurrency market and has long been considered the industry standard. That is, it has the largest market capitalization, almost twice as large as its closest competitor, Ethereum (ETH). BTC briefly showed a price of $870 billion. This was an astronomical increase of 1824470000% from its current actual price of $47685.

Dogecoin (DOGE), perhaps the most famous meme coin, saw an actual increase of up to around 25% on December 14th thanks to being referenced in a tweet by Elon Musk. This is a familiar pattern for DOGE holders. What is unfamiliar, however, is CoinMarketCap claiming a value of over $5 million per DOGE. In fact, the DOGE is down 12.5% ​​in the last 24 hours.

The HUH Token (HUH) was listed by CoinMarketCap on the 14th of December, just 8 days after its launch. During the crash, HUH sponsors saw a supposed 1294020% increase in CoinMarketCap. While this is clearly not the case, HUH has enjoyed great success since it was listed; a 109% increase in price in just over 24 hours. HUH was dubbed the first coin “use me” of the world. It has utilitarian value thanks to its unique referral system, as well as the fun and dominating power of meme coins.

HUH Pay – launch swap

Web site HUH Token

CoinMarketCap HUH Token

telegram HUH Token

Twitter: https://twitter.com/HuhToken

Instagram: https://www.instagram.com/huhToken/

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