Just over a week after its token began trading on exchanges, Polkadot (DOT) remains at the center of controversy in the cryptocurrency space regarding its market cap valuation.
Polkadot Still Absent from CoinMarketCap
According to crypto data providers on CoinGecko.com, Polkadot (DOT) is currently ranked sixth in the world, with a combined market cap of $5.6 billion based on 905,508,499 DOT tokens circulating at a value of $6.24 a piece.
However, over on CoinMarketCap, Polkadot is nowhere to be found in the top ten rankings. Instead, Polkadot finds itself with a place-holder ranking of 2,172nd, with an as-yet undefined market cap at this time.
According to CoinMarketCap, which acts as an unofficial landing page for the cryptocurrency space, with over 30 million clicks per month, Polkadot’s circulating supply has yet to be accurately calculated. Until then, any estimation of Polkadot’s market cap valuation will have to wait.
Binance and Kraken Cause DOT Troubles
Polkadot’s native DOT token began trading officially on August 21, and since went on to record over 100% growth in the following seven days. Its launch was also marked by controversy, however, when two leading exchange platforms commenced trading amid Polkadot’s scheduled token redonimation.
Binance and Kraken opened trading for DOT tokens on August 19, while Polkadot was in the process of expanding its token supply. The token redenomination saw the old DOT tokens replaced at a ratio of 1:100, while user balance in USD terms remained unaffected.
However, the presence of the old DOT token on Binance and Kraken’s trading desks wrought confusion among the Polkadot community, as two radically different token prices were witnessed for a brief time.
Binance’s role in the confusion has caused onlookers to speculate that personal bias may be at the center of CoinMarketCap’s failure to list Polkadot. CoinMarketCap was acquired by Binance in April, and some Polkadot supporters believe the world’s largest cryptocurrency exchange is now obfuscating DOT’s market cap on purpose.
CoinMarketCap Execs Leave
Conspiracy theorists may now have more fuel for the fire, after three veteran CoinMarketCap executives left their roles on Aug 31. Chief among them wasCoinMarketCap’s former chief strategy officer Carylyne Chan, who told readers on her personal blog that the split from her former employer was an amicable one.
However, in Chan’s goodbye note, she directly referenced the practice whereby cryptocurrency data platforms censor and obfuscate data according to their own personal whims. Chan wrote:
“Since the first time I directly addressed the volume inflation issue, I have been working tirelessly with our team to develop a fundamental solution for this that would not lead to us censoring data or providing an arbitrary ranking based on our own preferences, much like other solutions do.”
CoinMarketCap has confirmed 904,869,778 DOT coins in circulation so far – a 638,721 shortfall from CoinGecko’s count. Even if CoinMarketCap’s count stopped there, it would still leave Polkadot with the sixth largest market cap in the crypto space.