Key reason why Layer One X price blast 1,638% in less than one hour

Crypto startup Layer One X designed to serve as a layer-1 smart contract protocol saw its token jumping by more than 1,600% in a matter of one hour.

Layer One X, a startup which promises developers to build once and access liquidity across different networks, saw the price of its native token L1X jumping by more than 1,680% in a matter of just few hours on CoinGecko, a crypto price tracking website.

According to the website’s data, L1X price soared from $5.14 to $37.16 in just one hour, outpacing multiple other altcoins in the top 100 coins by market capitalization. However, it appears that the surge might actually be due to a display error on CoinGecko’s website. The project’s X account noted there are significant discrepancies between the price shown on CoinGecko and on such decentralized exchanges as Uniswap, PancakeSwap, and Raydium.

In an X post on Jan. 23, Layer One X’s account on X explained that the L1X token was listed at $0.15 on DEXs, while CoinGecko displayed the listing price at $4.21.

While the exact methodology which CoinGecko employs to determine starting prices for tracking remains unclear, the project expressed concern that the discrepancy “may confuse our community and visitors,” adding that “we’ve already submitted a ticket to resolve this issue and appreciate your quick assistance.”

As of press time, CoinGecko hasn’t issued any public comments on the situation.