This Altcoin Hits Over 5,000 Percent in 4 Minutes!
One of the altcoins that is not recognized by many investors, it has risen more than 5,600 percent in just four minutes in the past few days. We have compiled the details behind the ascension for you.
Altcoin Named Phoenix Global (PHB) Rises More Than 5,600 Percent
The altcoin named Phoenix Global (PHB), which rose to $1.1413 over $0.02057 on November 5 in a 4-minute process, surprised investors when its volume, which was $3.79 million in the same period, dropped to $777.680. Also, at the heart of the PHB Pump was a technical issue and a token transition process that CoinMarketCap corrected with a 59 percent rise.
Phoenix Global announced that it will shift its decentralized application operations from the Neo network to Binance Smart Chain (BSC) in September. The team also presented a “revaluation” of the NEO-based native asset PHX, adjusting its PHX to 100:1 (100 PHX = 1 PHB) to the BEP-20 classic token, PHB. The mentioned transition started on 2 November. With this transition, he reduced the official token supply of Phoenix Global from 3.5 billion to 35 million. With this election, PHB tokens were traded at 100 times the dollar price before the swap.
Within the framework of the events, it started chaotic calculation processes on CoinMarketCap. It started to compare the values of old coins with new coins and simultaneously considered the supply amount as 3.5 billion. Due to these glitches and issues, Traders believed that the PHB market cap had grown 56x in less than five minutes.