The price of Phoenix Global (CRYPTO: PHB) surged 3,700% in under one hour Thursday, according to data from CoinMarketCap.
What Happened: Data from the cryptocurrency price aggregator showed that PHB saw a 6,400% rise in market cap, which was reported to be $3.4 billion at the time of writing.
Trading volume for the Neo (CRYPTO: NEO)-powered crypto token was a mere $3.8 million, leaving some market participants perplexed as to why the token experienced such a large price surge.
Anyone know whats with $PHB on CoinMarketCap?
+6,484% in 1 hour
Did I miss anything? pic.twitter.com/yxPArlcGKu
— drathez .sol (noot, noot) (@drathezsol) November 5, 2021
However, the reality appears to be less appealing for those looking to get in on the rally.
Phoenix Global is undergoing a token redenomination of 100-to-1 which CoinMarketCap has not accounted for as yet.
After factoring in the coin redenomination, the results revealed that investors faced a 30% loss on the value of their PHB/BTC holdings.
Trading of PHB/BTC and PHB/USDT spot pairs went live on Binance as of 12 a.m. Eastern Nov. 5.
At the time of writing, withdrawals and deposits remained closed. Binance said it would make a separate announcement to notify users when PHB withdrawals resume.
Photo by M. B. M. on Unsplash.
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