WhiteBIT Coin (WBT) surpasses Pi Network Coin (PI) in market capitalization on CoinGecko.
Cryptocurrency Drama: WBT Overtakes Pi Network, But Not Everyone Agrees
In a shocking turn of events, a lesser-known token, WhiteBIT Coin (WBT), belonging to the European crypto exchange WhiteBIT, skyrocketed to fame on Friday, surpassing Pi Network's popular $Pi token in rankings on CoinGecko. However, the excitement was short-lived as another aggregator website, CoinMarketCap, had a completely different opinion.
Here's the lowdown.
According to CoinGecko, WBT is worth a whopping $29.20, boasting a 24-hour gain of 0.6%. With a market cap of approximately $4.2 billion, WBT snagged the 32nd spot, leaving Pi Network behind as the 33rd contender. Even though Pi boasts a higher daily trading volume ($74.9 million compared to WBT's $19.3 million), its 2.7% dip and 9% overall slide in the past week allowed WBT to slip by in the game of market caps - at least on CoinGecko.
Pi Network, on the other hand, is still hanging tough at $0.594 and rank 33. However, CoinMarketCap paints a different picture. On their platform, Pi is comfortably seated at rank 27 with a market cap of $4.16 billion, while WBT is all the way down at #3168, with a market cap of a mere $2.52 billion. That's a huge gap - a staggering $1.7 billion difference from CoinGecko's assessment.
Even the numbers around volume and daily changes don't seem to add up. CMC shows WBT's 24-hour volume at $22.94 million (up 36.6%), while Pi's volume plummeted to $62.72 million after a 50% drop.
So, what's the deal between CoinGecko and CoinMarketCap?
To be honest, this isn't the first time we've seen a disagreement like this. CoinGecko and CoinMarketCap have different approaches for collecting data, and their methods of calculating circulating supply, especially for tokens controlled by exchanges, can vary greatly. In the case of WBT, backed by the WhiteBIT exchange, the supply that's actually circulating in the open market isn't always clear.
Pi Network, too, finds itself in a murky area. Despite appearing on some exchanges, its official launch is yet to take place, leading many to question the accuracy of its market cap.
Either way, this fiasco serves as a reminder that in the world of crypto, rankings might not always be as solid as they seem. Two platforms, the same tokens, but entirely different stories. So, before popping the champagne to celebrate any market cap victory, it's probably wise to double-check who's keeping score - and how.
For more crypto chaos, read: Ripple XRP Tops Bitcoin and Ethereum in India: CoinSwitch
Additional Insights:
- The discrepancy between CoinGecko and CoinMarketCap's market cap figures for WBT and Pi Network can be attributed to factors such as differences in data sources, methodologies, timing of data updates, exchange listings, and supply and price differences.
- These discrepancies highlight the need for traders to not solely rely on one platform for their market cap and ranking information but to cross-reference data from multiple sources.
- Pi Network's official launch is still pending, and its trading is limited to select exchanges, making its market cap, and overall valuation, subject to question and debate.
[5] CoinGecko data as of February 12, 2023, and CoinMarketCap data as of February 14, 2023, respectively.
- Despite WhiteBIT Coin (WBT) overtaking Pi Network on CoinGecko, the picture changes on CoinMarketCap, where Pi Network remains ahead of WBT in rankings.
- Honesty requires double-checking who's keeping score in the crypto market, as the discrepancy between CoinGecko and CoinMarketCap can be attributed to differences in data sources, methodologies, exchange listings, and other factors.
- For instance, the market cap of WBT, backed by the WhiteBIT exchange, might not represent the actual circulating supply in the open market.
- Similarly, Pi Network, which is yet to launch officially, has questionable market cap figures due to its limited exchange listings.
- In the realm of finance and technology known as cryptocurrency, rankings might not always be as solid as they seem, necessitating traders to cross-reference data from multiple sources.
