The cryptocurrency market is known for its unpredictable nature, and this is evident from the returns given by some of the tokens, which range from a few hundreds to even thousands. But in a bizarre instance, which has put returns given by even Dogecoin and Shiba Inu to shame, crypto token PRiVCY, which trades with the ticker symbol PRIV, surged more than 4,00,00,000% in a day.
According to the data available with cryptocurrency tracker CoinMarketCap.com, the price of PRIV surged to $3,563.70 on 14 June from $0.008814 on 13 June, showing a rise of 4,04,32,166.84%.
At the current price of $3,600.80, PRIV commanded a market capitalization of more than $59 billion, making it the fourth-biggest cryptocurrency in the world.
However, according to the experts, the price of the token may have seen a surge due to an error on the CoinMarketCap’s website.
“There is a token called PRIV and there is an index, which goes by the similar name. The error I think came from using the unit price of one and the number of units of another asset and multiplying it to get the market cap. The two assets have got merged, and I am sure, CoinMarketCap will rectify it soon,” said Ajeet Khurana, founder, Genezis Network, a think tank for crypto startup investments.
According to the