Re: How does Polkadot crypto come to 7th position? is a scam?
I would like to have your opinions
Coinmarketcap:
https://coinmarketcap.com/en/currencies/polkadot-new/
Website:
https://polkadot.network/
Polkadot How does this crypto coming out of nowhere appear in 7th position even though it was in 5th or 6th position when it is currently going down? it's a Pump and dump.
Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?
Coinmarketcap:
https://coinmarketcap.com/en/currencies/polkadot-new/
Website:
https://polkadot.network/
Polkadot How does this crypto coming out of nowhere appear in 7th position even though it was in 5th or 6th position when it is currently going down? it's a Pump and dump.
Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?
Polkadot did a redenomination, which is why they increased in marketcap so drastically (100x) over night.
https://decrypt.co/41072/how-polkadot-surged-from-nowhere-into-the-top-10-cryptocurrencies
https://i.imgur.com/2GCkje9.jpg
Source : https://coinmarketcap.com/currencies/polkadot-new/
Quote
This page refers to New Dot which is 100x smaller than DOT (OLD) On 21 August 2020 at 16:40 UTC (block number 1,248,328), the DOT token underwent a redenomination
from its original sale. New Dot are 100x smaller than DOT (OLD). There is no difference between New Dot and DOT (OLD) except for their denomination.
from its original sale. New Dot are 100x smaller than DOT (OLD). There is no difference between New Dot and DOT (OLD) except for their denomination.
Link to Polkadot before redenomination : https://coinmarketcap.com/currencies/polkadot-old/
I find redenominations very shady, specially when done only a year after launch. Means the devs are either incompetent to do a redenomination so soon after launch,
or they just wanted the marketcap and rank increase for free marketing. Either way it is bad practise.
Edit : Looks like coinmarketcap even removed their old Polkadot page. No way to compare anything now with prior denomination. Very shady indeed.
Oh thank you very much for finding this with the details you deserve ;-). Yes it's a bit like the YAM crypto https://www.coingecko.com/en/coins/yam which then made a YAMV2 version https://www.coingecko.com/en/coins/yam-v2 car the blockchain had a problem the price was up and then down V1.
Even on coingecko Polkadot the original version cannot be found:
https://www.coingecko.com/en/coins/polkadot-old
Looking further with https://cmc.io/coins/polkadot-old we can see the old USD price: $ 290.1
or https://blockfolio.com/coin/DOT?timeFrame=3Y