The Phoenix Global price is surging today. The PHB price has jumped by almost 12% in the past 24 hours. Its total market capitalization has jumped to more than $96 million.
(Note: Data by CoinMarketCap shows that the Phoenix Global has a market cap of about $3.3 billion and is the 53rd biggest cryptocurrency. This is wrong because of the redomination of the coin, as I will explain below.)
What is Phoenix Global crypto?
Phoenix Global is a blockchain project that was created in 2020 after the merger of APEX Network and Red Pulse Phoenix. It merger helped to create a bigger blockchain project that can help companies and users decentralize their apps.
Phoenix Global’s mainnet is made up of the Phoenix Oracle, Enterprise sidechains, two-fold consensus, and a multi-layered smart contracts. It also has a data transaction engine that can help increase B2C trust and increase consumer data ownership.
PHB is the native token for Phoenix Global’s network. It is a token whose supply is set to increase by about 10% per year. The developers are also thinking of ways to increase the deflationary mechanism in the network.
Why is the PHB price soaring?
It is unclear why the PHB price has soared this week. However, a possible reason is that the Phoenix Global went through what is known as a token redomination of 100:1. This process involved moving from the NEO Blockchain to the Binance smart chain.
After the migration, the supply of all PHB in circulation was reduced by a factor of 100. This is similar to what is known as a stock split. As such, the total supply of PHB declined from 3.5 billion to 35 million.
How to buy Phoenix Global
Like other cryptocurrencies, you can buy the Phoenix Global token using one of the several brokers and exchanges in existence today. Some of the brokers that accept Phoenix are Binance and Huobi. Popular exchanges like Coinbase and FTX do not offer PHB yet.
Is PHB a good investment?
PHB has become a relatively good investment for the original holders. However, in reality, with a lot of data being unavailable, it is relatively difficult to recommend Phoenix Global as a long-term investment.