Cryptocurrency PRiVCY price climbed 4,04,32,166.84 percent in one day, experts say could be due to system glitch
The cryptocurrency market is known for its ups and downs. Some cryptocurrencies have given manifold returns very quickly. However, the crypto token PRiVCY has also outperformed Dogecoin and Shiba Inu in terms of returns. This crypto token, which trades with the ticker symbol PRIV, has shown an increase of over 4,00,00,000 percent in a single day.
According to data available with cryptocurrency tracker CoinMarketCap.com, the price of PRIV was $0.008814 on June 13, rising to $3,563.70 on June 14. This is an increase of 4,04,32,166.84 percent in its price.
At the current price of $3,600.80, PRIV has a market capitalization of over $59 billion. This makes it the fourth largest cryptocurrency in the world.
However, experts say that the reason for such a sharp rise in its price could be due to an error on the website of CoinMarketCap.
“There is a token called PRIV and there is an index by that name,” said Ajit Khurana, founder of Genezis Network, which is associated with crypto startup Investments. CoinMarketCap will fix it soon.”
PRiVCY can also be called a version of the technology on which bitcoin was made. This token is listed on two exchanges for trading. It is still trading in the $0.006341-$0.0072 range, while the index PRIV-PERP is priced around $3,600.
There have been a few cases in recent months in which the price of a cryptocurrency has risen sharply within minutes. An example of this is Dubaicoin which rose nearly 1,000 percent due to a false claim to be Dubai’s official cryptocurrency. However, later the Dubai government denied this claim.
