CoinMarketCap Glitch Makes Many Crypto Investors Trillionaires — Briefly!

CoinMarketCap (CMC) has been one of the most trusted and popular websites to know the real-time prices of any cryptocurrency. However, on Tuesday, CMC suffered a severe glitch, which many on Twitter consider the handiwork of hackers.

Technical glitches are not new to CMC as it recently showed Bitcoin dominance above 100%.

On Tuesday, data from CoinMarketCap showed that the price of Bitcoin was as much as $1.5 quadrillion, a report said.

"Other digital assets like Solana had a value of $338 million, Cardano $2 million, Wrapped Bitcoin had a price of $250 billion while stable coins like Binance USD, USD Coin, DAI, saw their value surge to over $10 million per coin," the report said.

For a limited time, Shiba Inu enjoyed (on the charts) the biggest market cap although the price displayed was below $5,536. The global market cap of the crypto industry rose to a high of $20 quintillion!

Many Twitter analysts weighed on the same. A popular analyst, Watcher Guru, who is a known supporter of Shiba Inu and other meme coins, said CMC could have been hacked. But he added in another tweet that the hack is not confirmed.

In response to the tweet from Watcher Guru, CMC said that wrong quotes on its site were the result of a glitch that was resolved in under an hour.

Platforms like TrustWallet that use CoinMarketCap APIs also calculated wallet amounts based on the glitchy data. Many users became billionaires and trillionaires — at least until the glitch lasted!

The glitch, however, offered some balm for the crypto community which has been dealing with a market crash and bearishness as Bitcoin's price continues to stay below $50,000.

The glitch led to a burst of memes and CMC itself participated in the jokes.