What is Philcoin crypto and is this SDG-focused token safe?

The crypto market had lost immense value at the time of writing, with the total market cap having declined under US$1.6 trillion, CoinMarketCap data suggested.

Major cryptocurrencies, boasting multi-billion dollar market cap, and including BTC, DOGE, and SHIB, were in red. This highlights the risks that ail this ultra-volatile sector, which at one time commanded a total market cap of nearly US$3 trillion. That said, not all assets were in red, with data showing a few lesser known cryptos like CenterPrime (CPX) and SafeFloki (SFK) rising heavily in the past 24 hours.

Another lesser known crypto, which although was in red, but which trended heavily as of writing, was Philcoin (PHL).

What is Philcoin cryptocurrency?

The project’s website talks about Sustainable Development Goals (SDGs). It claims to support a number of philanthropic activities through partnerships and community building.

Also read: 3 reasons why cryptos could be crashing

The key offering is PHILApp, which the project states can be used for messaging and transacting. The app, it is claimed, can work on low bandwidth, making it suitable for third world nations. There is also a mention of another service, PHILChat. This chatting service is claimed to be wholly encrypted, with no risk of intrusion into users’ data. Philcoin project states PHILChat runs using an in-house protocol — “Streaming Control Protocol”.

Another product listed in the whitepaper is PHILBulb, an “anti-microbial” UV light.

Philcoin token (PHL)

PHL is a BEP-20 coin, which is said to be used as a rewarding token within the project’s ecosystem. It can have a maximum supply of 5 billion tokens. It is stated that the supply of Philcoin crypto will be in a phased manner. Burning of token and use in staking are mentioned in the whitepaper.

Also read: Cronos (CRO) token plummets: What’s going on at Crypto.com ecosystem?

Philcoin crypto price

PHL token is not among large cap cryptos like BTC and DOGE. CoinMarketCap is tracking the token’s price since late-March 2022, and the movement since then has largely been in green.

The market value of Philcoin crypto is not mentioned, and it is said to be trading on PancakeSwap and MEXC.

The price of PHL token was under US$0.2 on March 22, 2022, but it rose sharply to nearly US$0.9 by April 10. Since then, the price has remined volatile. As of writing, it was trading at nearly US$0.35.

Data provided by CoinMarketCap.com

Also read: Risks involved when considering NFTs as alternative investment asset

Bottom line

Philcoin crypto claims to work toward Sustainable Development Goals. It has services like encrypted chat service and a smartphone app with native token support. PHL token is very new, and it had a very low trading volume as of writing. The market cap has yet to be reliably ascertained. Though the project is claiming to be working toward community development, enthusiasts must prefer extreme caution.

Also read: 3 most expensive cryptos in cryptoverse by per token price

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