Speculation mounted online as crypto enthusiasts turned to social media to find out what had happened, with many people asking if the new listing was a bug.
Emin Gun Sirer, co-director of the Initiative for Cryptocurrencies and Contracts, asked: “Anyone know what PacCoin is.”
However the listings on CoinMarketCap.com returned to normal at around 6.15pm GMT, and Ripple resumed its position as the third cryptocurrency on the trading platform.
The price of PacCoin was listed as $0.014 and it had a market cap of $36,304 billion compared to Ripple’s $32,388 billion, prompting the change in position on CoinMarketCap.com.
It was listed as having a circulating supply of 2,568,973,866,070 $PAC. In comparison the circulating supply of XRP is 39,091,956,706 XRP.
CoinMarketCap now shows it has 3,880,657,660 $PAC circulating currently.
PacCoin was listed as third on CoinMarketCap for a time on Friday
Lescovex said on Twitter on March 7: “PACCOIN is going to be listed on Lescovex!
“We’ve checked the community demand, the quality, philosophy and technical aspects of $PAC n [sic] we believe that it’s a good coin to be listed in our exchange.”
The PacCoin is based on blockchain technology, just like Ethereum and Litecoin.
PAC launched with a total reduced supply on March 1 this year – it previously had a total supply of 100 trillion PacCOIN but it was reduced via a RCO (Redemption Coin Offering) which offered one new $PAC for each 1,000 old PacCoin coin.
According to a post on BitcoinTalk each new $PAC is worth 1,000 times more than the original PacCoin.
The total supply of coins in circulation is now 3.5 billion, however the old circulation supply was initially listed on CoinMarketCap when it launched on the market platform, which was the reason it appeared third on the market platform earlier today.