CoinMarketCap Presents Solutions to Data Manipulation Concerns
CoinMarketCap is set to make some changes to its platform as a response to fake volume and price manipulation attempts.
CoinMarketCap is one of the main sources of statistical information on cryptocurrencies. The “most popular and highly trafficked websites online in the cryptocurrency space” as described on Steemit, CMC has come up with solutions to the issues circulating online. In response to the concerns of the crypto community, CMC announced in a blog post that it is modifying its listing requirements for crypto trading platforms.
Starting today, the website does not consider the volume characteristic as a major condition for listing “due to the recent changes in the exchange landscape, and the concerns aired by our community.”
“The removal of the limit is partly to combat the impression that volume is the only requirement that is necessary for listing on CoinMarketCap,” CMC stated in the official blog post. “In fact, our team spends time researching new coins and exchanges to ensure that they are real projects, backed by real teams, and are not fraudulent, before putting them on CoinMarketCap.”
CoinMarketCap is set to introduce new levers and filtering tools
Furthermore, CoinMarketCap is set to introduce new levers and modify the ranking mechanism. Users will also be able to use new tools to filter the cryptocurrency exchanges as well as new metrics like 7-day and 30-day volume charts.
“In this way, by introducing different ways to look at exchanges and their respective features, the ranking system will be able to take into account various expectations that users have and help them view and digest exchange information better,” CoinMarketCap wrote.
CoinMarketCap expands its portfolio of cryptocurrencies and crypto firms constantly. One of the latest added crypto exchanges, Coinsuper, even managed to get out of position 16 in the top 5, deploring giants such as Binance.
Such strange changes have created a wave of suspicions about data manipulation on crypto-based websites. It remains to be seen if CoinMarketCap will be able to argue the opposite of several allegations or not.