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A technical glitch on CoinMarketCap briefly elevated the memecoin BabyDoge to the world's largest cryptocurrency.
The glitch also propelled Cheems (CHEEMS) to fourth place.
BabyDoge became the number one cryptocurrency with a massive market cap of $129 trillion, up more than 100,000,000% in 7 days. The meme token Cheems took fourth place, surpassing XRP and BNB.
However, this breakthrough was short-lived, as it was revealed to be a technical glitch in the popular cryptocurrency data aggregator. Nothing in the actual order books indicated explosive growth. There were no unusual volumes, no major announcements, no surges in whale activity.
Crypto community members are still trying to understand what happened. It's well known that CoinMarketCap's ranking is calculated using a simple formula: a token's price is multiplied by its circulating supply. If one of these variables is incorrect, the algorithm can produce distorted results. In this case, incorrect supply data related to BabyDoge led the system to calculate phantom profits, artificially pushing it above Bitcoin.
Nevertheless, CoinMarketCap fixed the error within minutes, restoring the correct market data and ranking. BabyDoge returned to 244th place, Cheems fell to 166th place, and Bitcoin regained the top spot in the cryptocurrency market rankings.