- Written by: Brady Tinnin
- Wed, 15 Dec 2021
- Russian Federation
Despite a bloody crypto market, the latest CoinMarketCap glitch brought crypto investors plenty of entertainment, temporarily inflated portfolios, and a reason to be bullish on Chainlink. Covered: CoinMarketCap Glitch Bullish For Chainlink? The Memes That Followed CoinMarketCap Glitch Yesterday, on a relatively slow day in crypto, most investors weren’t paying attention to the space. That […] The post Here’s The Aftermath Of The CoinMarketCap Glitch appeared first on CryptosRus.
Here’s The Aftermath Of The CoinMarketCap Glitch
Despite a bloody crypto market, the latest CoinMarketCap glitch brought crypto investors plenty of entertainment, temporarily inflated portfolios, and a reason to be bullish on Chainlink.
Covered:
- CoinMarketCap Glitch
- Bullish For Chainlink?
- The Memes That Followed
CoinMarketCap Glitch
Yesterday, on a relatively slow day in crypto, most investors weren’t paying attention to the space. That was until the popular crypto tracking website CoinMarketCap had an unexpected glitch that caused cryptocurrency prices to absolutely skyrocket.
How did it feel to be a trillionaire for a couple hours???
— CoinMarketCap (@CoinMarketCap) December 14, 2021
According to CoinMarketCap’s status page, the engineering team was made aware of the pricing issue and was able to quickly resolve the problem about 48 minutes later.
Following the irregularities we observed on our platform this afternoon, despite the issue having been fixed, we will be rebooting our servers as a final step in accordance with our internal remediation plan. Apologies for the inconvenience.
— CoinMarketCap (@CoinMarketCap) December 15, 2021
Bullish For Chainlink?
According to a recent blog post, CoinMarketCap has partnered with DIA to use as an oracle for price feeds.
While the glitch doesn’t carry much weight for the crypto space, some proponents of the decentralized oracle provider Chainlink used the glitch to highlight why oracles are important for relaying accurate price feeds, and specifically why Chainlink is the superior option as compared to its competitors such as DIA or Band Protocol (BAND).
Multiple @BandProtocol price feeds misreported data today during CoinMarketCap's pricing issue
This was due to fetching data from only two data providers, meaning the aggregated median value become skewed when one of the providers were wrong pic.twitter.com/8LP1cdQsXu
— ChainLinkGod.eth 2.0 (@ChainLinkGod) December 15, 2021
Yesterday’s CoinMarketCap glitch seems to show why so many players in the crypto space choose Chainlink. CoinGecko, who uses Chainlink for its price feeds, was left unaffected by CoinMarketCap’s crazy price fluctuations.
The Memes That Followed
Me and My Friends After Watching Coinmarketcap Glitched Prices #CoinMarketCap #cryptocurrency pic.twitter.com/rZubYbjRAw
— ADDICTED INVESTOR (@THEADDICTEDGAM4) December 14, 2021
If there’s one other thing that the crypto community is good at besides identifying reckless monetary policy, it’s making memes. While crypto news came in relatively slowly yesterday, the memes that followed the CoinMarketCap glitch certainly made up for the lack of action.
Thats the tweet. pic.twitter.com/vMma3zNuiz
— CRU News (@CRUNewsDesk) December 14, 2021
The cause of the glitch is still anyone’s guess, but I imagine this is how most crypto investors that tried to cash out felt.
— chris rueda (@CryptoReaper69) December 15, 2021
The widely-followed crypto news provider Blockworks also entered the chat. It looks like Elon Musk’s announcement of his plans for Dogecoin (DOGE) turned out to be quite the bullish event.
Watch mainstream media blame @elonmusk and tesla for these gains pic.twitter.com/KxWYEWy3YJ
— Blockworks (@Blockworks_) December 14, 2021
After yesterday’s wild series of events, CoinMarketCap took to Twitter to apologize for the mishap.
Sorry crypto family ?? pic.twitter.com/SSEMa5Dgxh
— CoinMarketCap (@CoinMarketCap) December 15, 2021
The post Here’s The Aftermath Of The CoinMarketCap Glitch appeared first on CryptosRus.