Who has checked in the last few hours Coinmarketcap he will surely have met, among the first 100 cryptocurrencies for marketcap a new entry. Let’s talk about PHB from Phoenix GLobal, unknown to most, which according to the popular quotation site is even earning the 6,000%.
All this, however, is the result of a big misunderstanding, which concerns a rebranding of the token, a migration from PHX to PHB with the new token that will represent it 100 of the old. The prices shown in these hours from Coinmarketcap, despite being a site related to Binance – are therefore to be reconsidered in the light of this passage.
What is Phoenix Global and how did it grow by more than 6,000%
As we already mentioned during our introduction, it was actually a glitch, that is, an error of Coinmarketcap during the passage of the token from its now extinct version to the new one. But let’s go in order.
At 05:00 Italian time the old man PHX has renamed itself to PHB, according to a project that had already been announced some time ago by Phoenix Global. The move also included a reduction of the tokens in circulation of 1/100, or each new PHB technically represents 100 PHX. And this has been the engine of the chaos that is involving in these hours Coinmarketcap. Because the site still takes into account the old 24-hour price and the old capitalization in relation to working capital.
So no, though Phoenix Global is a potentially interesting project, it has not actually entered the top 100 cryptocurrencies of the world and did not have an earning of the 6,000%. Far from it, the token at least on Binance it is losing value over the 24 hours.
- What is Phoenix Global and how it works
Phoenix Global is a protocol that has migrated from the network today NEO and which has had a decidedly eventful history over the years, made up of acquisitions of other projects and mergers. The protocol aims to offer blockchain infrastructures for the world of the real economy, with a proprietary oracle in style Chainlink, parallel sidechains for businesses, as we have already seen in part on Avalanche and a double consensus mechanism.
The project is certainly interesting, albeit a niche one, including also multilevel smart contract and an internal engine for moving data via virtual machine. Technologically advanced, however, it is very far from the marketcap which is now indicated on Coinmarketcap. In reality the tokens that are currently in circulation are not 3.5 billion, but 35 million – which makes the current market cap close to 30 million dollars. Definitely insufficient to become part of the ranking of first 100 projects.
We will stand by the window to see if this step can be a harbinger of good news for the protocol – but those who want to invest now will necessarily have to take into account what has happened today and not be duped by a growth that does not actually exist.