What is PARSIQ (PRQ) crypto and why is it up 100% today?

Highlights

• The PARSIQ crypto has gained much more than big cryptos like Bitcoin and Shiba Inu
• The project provides data-related services in Web 3.0, with tools to build new DApps
• The PRQ token is native to PARSIQ, and it was recently listed on Coinbase

Data is powerful, and it can have the same dominance in Web 3.0. The new iteration of the internet, which is still a work in progress, is promising a decentralised setting where users can be in-charge of their data, with little authority vested in centralised entities.

Cryptocurrencies, and metaverses with games and non-fungible tokens (NFTs) are being touted as one of the key pillars of Web 3.0. Amid metaverse tokens’ launch, Web 3 data accessibility tokens are also being released. One such token, PRQ, belongs to a project titled PARSIQ. The token is up almost 100% in a single day of trading, as of writing.

Let us explore what the project is promising, and why its native crypto PRQ has doubled its value.

What is PARSIQ?

PARSIQ defines itself as a “full suite” data network, with a slew of products like Data Hubs and APIs within its ecosystem. The primary product appears Tsunami API, which can provide real-time access of data to Web 3.0-based projects. It is being said that a decentralised app on Web 3 can access real time liquidity and historical price of its native token by using the API.

PARSIQ claims that Tsunami will be its initial step, which will be followed by things like “Data Hubs”. The project is envisioning becoming “Google Firestick” of Web 3.0 by providing backend access to developers. For the uninitiated, Firestick can be used to build new websites and apps, but it is a Web 2.0 player. PARSIQ is targeting all products for the decentralised Web 3.0.

Tsunami API is expected to support blockchains like Ethereum, Polygon, and Avalanche, with support to be expanded to other blockchains in the future, PARSIQ claims. 

PRQ token

PARSIQ uses PRQ as its native token, which was listed last month on Coinbase. The PRQ token has a market cap of over US$35 million as of now, which is quite low as compared to Bitcoin, Shiba Inu and other major altcoins.

Also read: What are blue-chip cryptos? Here are top 3 based on YTD returns

Why is PARSIQ crypto rising?

The PRQ token is witnessing a massive surge in its trading volume and price, which are up by nearly 1,000%, and ~100%, respectively. The token’s price as of writing is over US$0.2.

The most probable reason behind this is the recent announcement made by PARSIQ on its Data Hubs. Data Hubs’ detailed features, which include the utilisation of both on-chain and off-chain data, were a part of this announcement.

Data provided by CoinMarketCap.com

Bottom line

The PARSIQ crypto has almost doubled within 24 hours but it is still trading below US$0.4, recorded at the start of this year. The project is yet to enter the top 100 cryptocurrencies’ list.

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