When I visit the CMC site today I saw that there is a coin name called AurumCoin (AU) has huge price growth and its almost the second expensive coin of the crypto next to bitcoin I think so Why this much growth on a shit coin?Anyone noticed this?
But it looks like not enough volume to trade that coin on any exchange?
But it looks like not enough volume to trade that coin on any exchange?
It's a problem to an extent with all coins, but mostly with very low cap coins. Reported market cap can be extremely misleading.
A hypothetical example:
A coin has a supply of 1 billion coins, with a price of $0.001 per coin, so it has a cap of $1 million.
But the coin has no volume, there is just a single unfulfilled sell order selling 1 coin for $1.
Then someone fills that order, they spend $1 and get 1 coin. So the current price is $1 per coin, there are 1 billion coins, so market cap is reported as $1 billion.