[WTF] How PACcoin momentarily overtook Ripple’s market cap
Ranked at over 1000 on Coinmarket Cap, PACcoin just edged past Ripple’s market capitalisation just an hour back. Bewildered crypto enthusiasts like us took to social media to figure out what exactly happened –
This happened on other exchanges too –
The simple explanation for this could be a glitch in the supply of the coin. After rectifying the momentary glitch, Coinmarket Cap shows that it has 3,880,657,660 $PAC circulating currently, but when the issue occurred, it had a circulating supply of 2,568,973,866,070 $PAC.
Reddit threads pointed out that the exchanges were using old data for its circulation supply and should have just divided it by 100 to arrive at the correct value.
Subsequently, the coin has also been seeing a surge of sorts since January. Global coin report says “that throughout the month of February, it had seen a twenty times return potential on its assets as well as trading volumes.” and that “This surge is expected to occur all through March, due to various factors.” In this time, PACcoin increased its USD value from 0.003 to 0.001 USD.
While it’s hard for us to determine what the actual purpose of this coin is, it has now gone back to its original 1200+ position on Coinmarket Cap and all is well in cryptopia. Phew. What a shocker.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.