As rugs are pulled and tokens fight to be top gainers, is CoinMarketCap due a policy update?

Coin developers and founders know all too well the siren-like allure of CoinMarketCap. Or more specifically, the crypto ranking website’s “Biggest Gainers” section where it’s common to see tokens rallying by more than 500% or even 1,000% in the space of 24 hours. On a day when Bitcoin is floundering, it can be heartening to watch new tokens shoot their way to the moon on a trail of green.

A closer look, however, reveals there is very little verified information about many such tokens. That shouldn’t pose a problem if the project is legitimate. On the flip side, rug pulls are an ever-present danger.

Squid Game [SQUID] was one such example. The BSC token shot up by over 2,400% in 24 hours, despite CoinMarketCap’s warnings that some users were reportedly unable to sell the token. After the near total crash that left thousands shaken, CMC labeled SQUID as an alleged rug pull.

That’s not the end of the saga, however. Each day brings a new set of top gainers to CMC, with budding projects using everything from Twitter pleas to iPhone giveaways to make sure they land on the front page list.

Here are just a few dog-themed tokens that enjoyed their place in the sun within the last six months –

HUSKYX’s market data was un-tracked at press time, while UFLOKI and NJF had unverified market caps. Also, HUSKYX’s Twitter previously promised an iPhone giveaway in exchange for users raising the token’s market cap.

<p lang=«en» dir=«ltr» xml:lang=«en»>GOAL TO: 3 MILLION MCAP! WE WILL GIVEAWAY APPLE IPHONE 12 PRO MAX. WINNER SHALL BE DRAWN RANDOMLY FOR RANDOM BUYER BY THE TIME WE HIT 3MIL MARKET CAP. #huskyx pic.twitter.com/1j47DTHCzp

— Huskyxfinance (@HuskyX_Official) November 15, 2021

So, what is the basis for allowing projects to report their own

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