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

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The crypto market has lost immense value at the time of writing, with total market capitalization down by less than US$1.6 trillion, according to data from CoinMarketCap.

Major cryptocurrencies, boasting a market capitalization of billions of dollars, and including BTC, DOGE and SHIB, were in red. This highlights the risks facing this ultra-volatile sector, which at one point had a total market capitalization 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 sharply over the past 24 hours.

Philcoin (PHL) is another lesser-known crypto, which was although in red, but was trending strongly at the time of writing.

What is Philcoin cryptocurrency?

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

Read also: 3 Reasons Why Cryptos Might Crash

The key offering is PHILApp, which the project says can be used for messaging and transactions. The app, it is claimed, can run on low bandwidth, making it suitable for third world countries. Mention is also made of another service, PHILChat. This chat service is fully encrypted, with no risk of intrusion into user data. The Philcoin project states that PHILChat works using an internal protocol – “Streaming Control Protocol”.

Another product listed in the white paper is PHILBulb, an “antimicrobial” UV light.

Philcoin Token (PHL)

PHL is a BEP-20 coin, which would be used as a reward token in the project ecosystem. It can have a maximum supply of 5 billion tokens. It is specified that the supply of Philcoin crypto will be done in a staggered manner. The burning of the token and its use in staking are mentioned in the white paper.

Read also: Cronos (CRO) Token Fall: What’s Happening in the Crypto.com Ecosystem?

Philcoin crypto price

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

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

The price of the PHL token was below $0.2 on March 22, 2022, but rose sharply to near $0.9 on April 10. Since then, the price has remained volatile. At the time of this writing, it was trading near US$0.35.

Data provided by CoinMarketCap.com

Read also: Risks of Considering NFTs as an Alternative Investment Asset

At the end of the line

Philcoin crypto claims to be working towards the Sustainable Development Goals. It offers services such as an encrypted chat service and a smartphone app with native token support. The PHL token is very new and its trading volume was very low at the time of writing. The market capitalization has not yet been reliably determined. Although the project claims to work for community development, enthusiasts should prefer extreme caution.

Read also: 3 most expensive cryptos in cryptoverse by price per token

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