Key Takeaways
- A possible bug on CoinMarketCap data took the price of Nano Dogecoin (INDC) to exhobidant heights.
- Unsuspecting investors were shocked to find they had become billionaires overnight, thanks to the bug
- The error soon came to light when people found themselves unable to cash their new-found wealth.
YEREVAN (CoinChapter.com) — After Shiba Indu (SHIB) gained 400% in 7 days to steal all possible crypto limelight, another Dogecoin knockoff is making news. According to the data provided by CoinMarketCap, Nano Dogecoin (INDC) is currently trading over $33. During the past 24 hours, the tokens trading volume has crossed $335,000 while writing. By sheer calculation, that is a 466.31% increase in volume.
The news created major ripples on the internet when INDC holders got the news of the price spike. All of a sudden, they had become millionaires and billionaires. But had they?
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Nano Dogecoin (INDC) on other platforms
As confused “Billionaires” tried to figure out how their fortunes had turned overnight, some from the crypto community came out to shed light on the fiasco. On closer observation, it became evident, that nobody was a Billionaire because of Nano Dogecoin (INDC). At least not yet.
CoinMarketCap was the only major website that showed such bullish gains for the newbie token. Others, including CoinGecko and PancackeSwap, did not agree with the exuberant hype. Based on the information provided by CoinGecko, the token was up a mere 37%, owing to the puffery by CoinMarketCap.
Some disgruntled users also targetted TrustWallet for the wrong representation. People using the wallet were aghast to find their assets up in the millions. However, when they tried to sell them, either they were unable to or got peanuts in return. Nobody was able to liquidate their supposed high INDC holdings from their wallets.
The official Telegram group of the Nano Dogecoin was hyper-active, with frantic users trying to figure out if they can swap or sell their newfound wealth.
Fans of the meme token pointed out that PancackeSwap did not permit them to dispose of their tokens either. Upon connecting with an electronic wallet, they discover that their holdings are not into the millions.
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What is the Nano Dogecoin (INDC) anyways?
Created just two months back, Nano Dogecoin is a crypto token that was inspired by Dogecoin (DOGE) offshoot Shiba-Inu (SHIB).
Owing to its marketing campaign, the token has made it to the news a few times since its launch. In Sept, observers were left scratching their heads when INDC gained 5000% in 24 hours.
INDC is built on the Binance Smart Chain. According to the website, the platform intends to keep investors involved with the decision-making process in the company. The founders also claim to contribute to charities related to animal welfare through donations.
As per its founders, holders of INDC earn passive income in the form of Tether (USDT) a stablecoin pegged to the US Dollar.
Recently, the project migrated from its old contract to a new one. Before the migration, the token was traded under ticker NDC. Since moving to the new contract, the token trades under the INDC symbol.
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CoinMarketCap needs to get serious
As the entire community scratched their heads to make out what was going on, all eyes turned towards official sources to get verified information. However, neither Nano Dogecoin nor CoinMarketCap came up with explanations for the massive goof-up.
While the former was busy creating a false narrative to hype the sales, the latter was cracking jokes.
To the horror of confused fans, instead of explaining what was happening, CoinMarketCap thought it better to get philosophical.
“Paranoia in small amounts is an important thing, you probably wouldn’t be involved in #btcoin or cryptocurrency if you weren’t a little bit paranoid,”
the website tweeted.
At the time of writing, the popularity of INDC had risen so much that it was the No 2 most viewed coin on CoinMarketCap, thanks to the buzz it created.
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A well-pulled-off scam or a genuine error?
It is not very uncommon for blockchains to run into bugs. Recently, DeFi platform Compound lost millions of dollars owing to a bug that occurred during an upgrade.
Considering that the project only recently moved to a new contract, a similar technical glitch could have caused the price to soar superficially.
However, the continuous media coverage and the suspecting silence from the two sides involved raise suspicion. In almost all other cases where a bug attack was involved, the projects come up with a timely, detailed explanation. In this case, both CoinMarketCap and NanoDogecoin refrained from engaging with affected fans. They did not come up with warnings either, which would have prevented unsuspecting traders from hoarding on INDC owing to the fake hype.
After watching traders react to the news, CoinMarketCap decided to de-list the Dogecoin knock-off from its website.
“Market Data is Untracked”, the updated status on the website claims.
The price of Nano Dogecoin rose as high as $37 on CoinMarketCap before the website decided to take action. At the time when the cryptocurrency industry faces strong clampdowns from government agencies, it is incidents like these that cast shadow on the technology.
Many people are still suspicious of cryptos and such major goof-ups are harming the reputation of the industry.
Meanwhile, we will have to wait and see what explanation comes from CoinMarketCap and the creators of Nano Dogecoin regarding this embarrassing incident.
