An issue with coinmarketcap.com has been highlighted by Kris Marszalek, the Chief Executive Officer at Crypto.com.
The issue was personally brought up and discussed by Marszalek himself on his official Twitter account. He posted a tweet on the day of Christmas in which he drew the public’s attention towards spreading misinformation and falsehood. He suggested that the online portal of coinmarketcap.com showed statistics with regard to his firm’s trade volume which has been misreported. He claimed that the statistics have been altered deliberately for putting Crypto.com’s name below in the ranking at number 14.
Marszalek said that at another online web portal namely “Coingecko”, his firm has been ranked at number 2nd and 3rd. However, coinmarketcap.com firstly ranked Crypto.com at number 14 and at 16 after an interval of two days only.
If the rankings and trade volume charts of the two web ports of Coingecko and coinmarketcap.com are compared then a huge difference is apparent. Goingecko charting with regard to Crypto.com suggested that the firm had traded for approximately US$ 2.8 Billion. On the other hand, coinmarketcap.com’s chart suggested that Marszalek’s firm has done trading of US$ 1.5 Billion. The statistics at coinmarketcap.com further suggested that the trade volume of Marszalek’s firm is reduced by 15% at least.
When his tweet post was read by the majority, people started to bash coinmarketcap.com. Coinmarketcap.com was later criticized for being irresponsible and spreading falsehood. The discussion was also joined by the team of persons behind BABYDOGE, which is a cryptocurrency from the meme-crypto economy. The team of BABYDOGE also pointed out that coinmarketcap.com has been wrongly mentioning the supply of cryptocurrency. Though a request has been made officially and verbal reminders have been given, yet coinmarketcap.com hasn’t changed the true supply of BABYDOGE. BABYDOGE team appreciated Marszalek for bringing up the issue.
Thereafter, Marszalek started to accuse Binance and said that obviously, coinmarketcap.com is an entity that belongs to Binance. Since Binance is his firm’s competitor therefore coinmarketcap.com is acting under the specific instructions of Binance. When Binance’s name was mentioned by Marszalek, a few Twitter account holders came in aid of Binance. They said that coinmarketcap.com was acquired by Binance long ago and therefore it should be known as “Binance” and not “coinmarketcap.com”.
Coinmarketcap.com has been facing some technical issues for the past two weeks. The issue was even noticed by the customers of coinmarketcap.com who said that they were facing glitches in the firm’s data for the public. Some of its customers pointed out that they had seen price discrepancies in the data as shown on coinmarketcap.com’s website.
Later, coinmarketcap.com too acknowledged that they were in fact facing a technical issue. However, the issue had been resolved efficiently, claimed the team of coinmarketcap.com. They also said that to effectuate the change, they would need to re-boot their network’s servers. Until such time, coinmarketcap.com has rendered an apology to the customers and general public. So the rankings do matter even in the crypto space.