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Phoenix Global token soars by 5,600% in just four minutes — But there’s a catch

Phoenix Global quickly became the 52nd largest cryptocurrency by market cap.
It took just four minutes for a relatively unknown cryptocurrency to rise by over 5,600% as of Nov. 5, according to data from CoinMarketCap.Dubbed Phoenix Global (PHB), the token soared from $0.02057 to as high as $1.1413 on Nov. 5, with its volume dropping surprisingly — from $3.79 million to around $777,680 in the same period.Phoenix Global (PHB) price action in the last 24 hours. Source: CoinMarketCapNonetheless, at the core of the massive PHB pump was a token migration and a technical glitch, which CoinMarketCap has now fixed with PHB price now up a relatively modest 59%.Fake PHB pump?In detail, Phoenix Global announced in September that it would shift its enterprise decentralized application solutions from the Neo blockchain to Binance Smart Chain (BSC). In doing so, the team also proposed to migrate its NEO-based native asset PHX to PHB,

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