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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

What Is COCOS? And How It Ended Up Replacing XRP In The Crypto Top 10?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Cocos Coco BCX

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An unknown cryptocurrency called Cocos-BCX (COCOS) surprised market participants by sneaking into the crypto top 10 by market cap. Out of the bloom, the token records over $25 billion in market capitalization, according to data from CoinMarketCap. 

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The platform experienced a bug that allowed COCOS to rise in the industry’s top ranking. As of this writing, CoinMarketCap removed the token, but its appearance raised some questions.

 Analyst Will Clemente asked his followers: What is this random shitcoin that just appeared at #6 on coin market cap? $12 million in 24-hour volume LOL (…).

COCOS Cocos BCX
COCOS taking over the sixth position in the top 10 by market cap, due to a bug on CoinMarketCap. Source: CoinMarketCap

COCOS Ranks Alongside Bitcoin, Binance Coin, And Ethereum

COCOS is Cocos-BCX’s native token. This platform is a GameFi incubator for “investment, distribution, IGO,” and community building. Its ultimate objective is to bridge people to the Web3 space and support “high-quality” projects in the sector. 

The platform provides users with a LaunchPad and Staking mechanism and is part of significant ecosystems, such as Binance Chain (BNB). However, data from CoinMarketCap shows that COCOS has a $12 million trading volume and a real market cap of $42 million.  

The latter increased by 5% in the past 24 hours, probably due to the bug in the listing platform. The cryptocurrency has been trending across other platforms, such as CoinGecko, recording a high search volume. 

Over the past month, the token moved against the general sentiment in the market and scored a 30% profit. In addition, the token is recording profits on high timeframes. It remains to be seen if it will maintain the upward trend in the current market conditions. 

The irruption of COCOS into the crypto top 10 by market, albeit an issue with CoinMarketCap, remind some users of the changes in this ranking. Over the last year, the crypto top 10 by market cap has seen multiple changes. 

Some users pointed to Internet Computer (ICP), a project led by the Dfinity Foundation that intruded into the ranking in 2021. Over the same period, Shiba Inu (SHIB), Solana (SOL), and Terra (LUNA) were in the ranking before their price collapse. 

Coco’s reminded me of ICP. We all saw it on top 10 one day and you know what happened next. It’s still falling. pic.twitter.com/MTm3zdM3T1

— ⚡Bitcoin Anonymous⚡ (@BitcoinAnonymo1) December 15, 2022 

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Bitcoin COCOS
BTC’s price with small losses on the daily chart. Source: BTCUSDT Tradingview

Over the past four years, the ranking has seen bigger changes, but Bitcoin, Ethereum, and XRP remain constantly occupying the top positions.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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