PACcoin, A Little Cryptocurrency, Just Returned From The Moon
On Friday, a lil’, virtually unknown cryptocurrency went to the moon for a few minutes. It appeared that te a straight-line trajectory, PACcoin abruptly began trading for more than 1000 times its historical price.
On March 9, 2018, PACcoin wasgoed all of a unexpected listed spil the third largest cryptocurrency on CoinMarketCap, one of the leading price tracking websites te the digital asset world. PACcoin momentarily achieved a $34 billion market capitalization, ranked just behind Ethereum ($67 billion) and bitcoin ($150 billion). PAC is an acronym for “People’s Alternative Choice,” and various versions of the cryptocurrency have bot around since at least 2018.
The strange thing is that not even PACcoin which bills itself spil “a 3rd generation peer to peer cryptocurrency” believed this could be true.
It looks like PACcoin’s extreme listing wasgoed due to a hiccup on CoinMarketCap. According to reddit postbode ter r/PACcoin, the shocking listing looks like it might have bot prompted by an “incorrect multiplier.”
“Just reaching out to note that CMC [CoinMarketCap] has us ranked spil #Trio but is evidently using old pac spil the multiplier which is incorrect. This is being looked into and wij’re working to address it. Please pass this information along .
P.S. I’ve posted to Bitcoin Talk, Discord, and the blog is being updated. Brad [the project’s Chief Marketing Officer] is traveling today and wij’re working on twitter.”
“PACcoin taking it’s [sic] rightful place among the gods, wij knew they could do it!” one reddit user humorously replied. “Now that’s what I call a flippening. “
Te reality, the 24-hour volume of PAC remains under $1 million total, and the vast majority of its trading takes place on one exchange , Cryptopia.
By the time of publication, CoinMarketCap had already resolved the false listing, returning Ripple to third te the completo rankings and restoring EOS to its place among the top ten largest cryptocurrencies. It emerges that the listing glitch wasgoed isolated to CoinMarketCap, spil other price trackers like LiveCoinWatch did not reflect the unexpected PACcoin spike.
ETHNews has attempted to reach out to PACcoin’s Chief Marketing Officer and CoinMarketCap for comment, but neither instantly responded to our requests.
Matthew Greneboom Silva
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