Layer One X Token Jumps 1,600% in an Hour, but It Might Be a Display Error

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.

Crypto startup Layer One X, designed to serve as a layer-1 smart contract protocol, experienced a remarkable surge in its token price, which skyrocketed by more than 1,600% in just one hour.

According to data from CoinGecko, a crypto price tracking website, the price of Layer One X’s native token, L1X, soared from $5.14 to a staggering $37.16 in just one hour. This rapid ascent outpaced multiple other altcoins in the top 100 coins by market capitalization.

However, it appears that the massive surge might actually be the result of a display error on CoinGecko’s website. The project’s X account highlighted significant discrepancies between the price shown on CoinGecko and on decentralized exchanges (DEXs) such as Uniswap, PancakeSwap, and Raydium.

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

While the precise methodology used by CoinGecko 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 has not issued any public comments on the situation.