With the influx of thousands of new users, several cryptocurrency exchanges were finding it harder than before to handle transactions and peripheral activities. Although most issues are rectified by exchanges, some stand out because of their sheer absurdity as was the case with US citizen Christopher Williamson and Coinbase.
On June 24, Williamson woke up to find out that his Coinbase cryptocurrency trading portfolio was worth more than a trillion dollars. Technically this would have made him the world’s first trillionaire but it wasn’t meant to be as he raised the issue on Twitter with a wishful message for Coinbase.
He asked Twitter to explain what had happened to his $20 cryptocurrency purchase overnight and jokingly pondered about putting off his “penguin-shaped megayacht” purchase. According to reports, Williamson was one of several Coinbase users who suffered a display error on their ERC20 tokens during the past week.
Coinbase’s support team was quick to respond to Williamson’s query as they asked him to hold off on his mammoth purchase. The company had tweeted:
Sorry — the penguin yacht may have to wait — our team is aware of the display error causing this wishful thinking for some ERC20s. They’re working to fix — in the meantime, trading the asset will reflect its current market value
Williamson, a nursing student, had purchased $20 worth of RocketBunny to test the portfolio and the deflationary token. The cryptocurrency came into public light when it claimed to one day become bigger than Bitcoin and Ethereum. The cryptocurrency has a maximum supply of 777 quadrillions and had received rave reviews from new entrants to the market. Each RocketBunny transaction incurs a 4 percent tax that is distributed in four equal parts to the participants.
One-fourth goes to the holders while the rest of the parts are distributed equally amongst the Rabbit Hole, locked liquidity, and bonuses. As volume increases, the amount burned increases logarithmically which in turn leads to an exponential decrease in supply. At the time of writing, RocketBunny was trading for $0.00000000036 with Williamson’s news acting as a launching pad for the price. Ever since the news broke, the cryptocurrency saw a 9 percent increase in its value.