It took but iv minutes for a relatively unknown cryptocurrency to rise by over 5,600% as of Nov. 5, according to data from CoinMarketCap.

Dubbed Phoenix Global (PHB), the token soared from $0.02057 to equally high every bit $1.1413 on Nov. v, with its volume dropping surprisingly — from $iii.79 million to around $777,680 in the same period.

Phoenix Global (PHB) price activeness in the last 24 hours. Source: CoinMarketCap

Withal, at the core of the massive PHB pump was a token migration and a technical glitch, which CoinMarketCap has now fixed with PHB toll at present upwardly a relatively small 59%.

Fake PHB pump?

In particular, Phoenix Global appear in September that information technology would shift its enterprise decentralized application solutions from the Neo blockchain to Binance Smart Chain (BSC). In doing so, the team besides proposed to drift its NEO-based native asset PHX to PHB, a BEP-20 standard token, with a "redenomination" set at 100:i (100 PHX = 1 PHB).

The said migration commenced on Nov. ii and effectively reduced Phoenix Global'south official token supply from around iii.5 billion to 35 million. Meanwhile, the resolution led to the new PHB tokens trading 100 times higher than the pre-swap dollar price.

That triggered chaotic calculations at CoinMarketCap, for it started comparing the value of erstwhile coins with that of the new ones while treating their supply cap the aforementioned as 3.5 billion. As a result, it led traders into assertive that PHB's market valuation had grown 56 times in less than five minutes, hitting $4.24 billion to get the 52nd largest.

"The project had undergone a re-denomination, and this affected the largest volume market pair on one substitution," CoinMarketCap explained in private comments.

Phoenix Global (PHB) marketplace cap performance in the last 24 hours. Source: CoinMarketCap

Just a glitch, afterward all

The price to purchase one PHB token did not abound equally boasted. On the reverse, the token dropped by more than 32% to $0.947 afterwards debuting on Binance on Nov. 5, equally shown in the chart below.

PHIB/USDT daily price chart. Source: TradingView

Earlier this twelvemonth, a technical glitch on CoinMarketCap had also pushed Wrapped Bitcoin, a cryptocurrency that acts as Bitcoin's mirror within the Ethereum ecosystem, to the top crypto spot.

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