CoinMarketCap is one of the most reliable sources regarding cryptocurrencies, offering statistical data on each of them. On this website you will find an updated ranking of digital currencies, their price and market capitalization.
However, last Tuesday evening the website was victim of a bug that showed skyhigh cryptocurrency prices and also changed the market capitalizations. This took many cryptocurrency holders by surprise, and many thought they had become millionaires.
The pricing glitch displayed some incredible prices, including an US$889 billion Bitcoin, US$36 million Cardano, a US$5.2 million Dogecoin, and the Shiba Inu had soared to US$22,000 when its real price is US$0.00003365 per coin.
Because of this, holders were temporarily euphoric. Many users wanted to sell their cryptocurrencies quickly, but in this step they came up against reality: when validating the transaction they realized that the price they were going to receive was much lower than the one the new prices indicated. Although it is not ruled out that some, in the rush of the moment, did not verify the real exchange rate and ended up throwing away their investments.
During the uncertainty, CoinMarketCap posted the following message: “the Engineering team is aware of incorrect price information appearing on CoinMarketCap. We are currently investigating and will update this status when we have more information.”
The bug was live for about one hour and has now been fixed. Once the problem was solved, the company decided to tease its users with a tweet “How did it feel to be a trillionaire for a couple hours?” The glitch generated several reactions from users. Some criticized the company for its mistake, others wanted to pay them back in the same coin and joked about it, while others claimed the money that was in the application with screenshots.