$PENGU On December 17, 2024, the launch of the Pudgy Penguins token ($PENGU ) on Binance, one of the most anticipated events in the cryptocurrency market, quickly turned into a fiasco that left traders and scalpers dealing with losses and confusion. The cause: a market capitalization error that affected investment decisions during the first minutes of trading.
What happened?
Binance displayed a market capitalization of $350 million for $PENGU , when it should have actually been $3,500 million. This error originated from a delay in the update of data provided by CoinMarketCap (CMC), the data provider that Binance uses to display key metrics.