Why Did CoinMarketCap Change the Shiba Inu Supply?

Source: fxleaders.com

In a new podcast, CoinMarketCap explained why they changed the supply of the Shiba Inu coins by 150 trillion. This explanation came after SHIB holders accused CoinMarketCap of inaccuracy and manipulation.

In the latest episode of the CoinMarketRecap podcast, the coin tracker explained why the circulating supply of Shiba Inu coins changed to 594 trillion from 394 trillion. This move left quite a number of Shiba Inu holders very confused.

CoinMarketCap Change in the Circulation Supply of SHIB Explanation

In the podcast the host, Connor Sephton, shared that the platform had received feedback from users that the SHIB supply was static. According to Sephton, this feedback “prompted an internal audit to refresh the data on the backend.” 

The host also mentioned that during the internal audit, CoinMarketCap ensured that the “circulating SHIB coin supply is in line with that of several other sources.” The Shiba Inu coins on CoinMarketCap dynamically make their updates.

The crypto tracker, however, did not explicitly mention the several sources. One of the sources in reference may be another crypto price tracker, CoinGecko, which has a similar supply.

Although CoinMarketCap stated that the supply currently dynamically updates, the number of Shiba Inu tokens hasn’t moved from 549,095,509,738,353 since October 28. This number of SHIB tokens does not reflect the large-scale token nurns that have happened.

When asked about why the tracker has not made any public statements regarding the change in the number of SHIB tokens, CoinMarketCap said that the change was communicated “directly on the website.” This is as with any other coin.

It is still unclear which website CoinMarketCap was referencing in the statement above. 

The tracker was also asked whether it should have a clear disclosure of how it calculates the supply of tokens. CoinMarketCap answered that it adheres to the usual standards of practice. It also claimed that their “two supply update” methodology has been in the public domain for a while.

How CoinMarketCap Obtains Readings?

“CoinMarketCap’s methodology is available on the website, where it lists various factors used to verify the circulating supply of cryptocurrencies. CoinGecko, however, breaks down its methodology specific to SHIB.” The tracker said in the podcast interview. However, Shiba inu spokesperson added that they were unaware of their actual supply and had not been asked. 

Is There a Possibility of Erroneous Readings?

Regarding the earlier error where the system was constant, Sephton asked CoinMarketCap whether the listed supply might have been wrong or required fixing. It said:

“The circulating supply of 550 trillion is correct, based on its methodology, and matches the calculations made by other data sources as well.”

Shiba Inu blames CoinMarketCap for publicizing erroneous circulations about their earnings. CoinMarketCap has countered the claims by stating that their readings were accurate. The extensive merging observed came from an error when the system remained constant; which they resolved to read data and update their findings.