AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
.jpg)
Highlights
- On its Twitter account, Phoenix Global informed that Binance would be supporting the PHB token migration & 100:1 redenomination plan.
- The announcement added that Binance would be delisting and suspending its PHB spot trading pairs (PHB/BTC and PHB/TUSD) from 4 November, and pending trade orders would be cancelled.
- This resulted in its price skyrocketing by a 2987.63% and is priced at US$0.927082 with a 24-hour trading volume of US$43,47,476.
The Phoniex Global (PHB) has been seeing an exponential rise of late. The crypto has been in the news following its announcement of a token redenomination on 2 November. On its Twitter account, Phoenix Global informed that Binance would be supporting the PHB token migration & its 100:1 redenomination plan.
The tweet added that Binance would be delisting and suspending its PHB spot trading pairs (PHB/BTC and PHB/TUSD) from 4 November, and the pending trade orders would be cancelled. This is created a panic situation in the market, with major players looking to book profits till they could.
Also read: When is the right time to invest in DAR token?
This huge impact has also resulted in its price skyrocketing by a 2987.63% and is priced at US$0.927082 with a 24-hour trading volume of US$43,47,476 at the time of writing (BST 11:50 am). The volume has exploded exponentially by a massive US$ 9360.93%. PHB is, however, still down 225.98% in the last 24 hours with a live market cap of US$3,44,10,87,545.
What is Phoniex Global (PHB) crypto?
Phoenix Global is a blockchain project, which came to force in 2020, following a merger between APEX Network and Red Pulse Phoenix. Focussing on blockchain enablement of the real economy, the platform aims to derive actual value assets, such as data, alternative assets, and other intangible asset classes. PHB token is used as payment for all services in the Phoenix Global ecosystem.
Also read: Should you consider OMG crypto for long-term investment?
A case of Pump and Dump?
Well, there is no definite proof of a pump and dump in this case, but going by just the number, it looks like the market has many jittery buyers and sellers at the same time who are looking for profit booking.
In fact, in the past 90 days, the price is hovering around a minimum average price of US$0.008 to a maximum average price of US $0.009, with the price change range not going more than 99.03%
With other popular exchanges such as Coinbase, FTX, not offering PHB yet, the Binance suspension of spot trading pairs will come as a big bump in the road. But experts are hopeful that the market will correct itself soon.
If it's not a case of a pump-and-dump, then it’s too truly a good to be true crypto going around!
