Pawtocol crypto’s trading volume soars: What is it & UPI token?

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Pawtocol crypto’s trading volume soars: What is it & UPI token?

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 Pawtocol crypto’s trading volume soars: What is it & UPI token?
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Highlights

  • Pawtocol, with its native UPI token, has focus on the pet industry and data storage
  • The project claims it can help owners to monetize the data of their pets by sharing it on the platform
  • The Pawtocol crypto has remained volatile in 2022, with its price reaching US$0.04 in February

Blockchain technology’s distributed ledger and peer-to-peer design seem to be penetrating a lot of things including banking and data storage. From decentralizing the music industry (the Audius project) to letting users decide the governance of a game (the Axie Infinity project), blockchain technology is in use in multiple ways.

In this light, one project, which has also floated a cryptocurrency to enable in-house transactions, seems to be targeting the pet industry. Let’s know more about the project.

What is Pawtocol blockchain project?

Pawtocol seems to be focusing on making the pet industry decentralized. In its whitepaper, the project states it would use blockchain technology to further privacy for pet owners, besides enabling the “monetization” of the data. Pawtocol is also betting on decentralized data storage. It claims that tech giants monetize the data of users, which it envisions to change by putting power in the hands of users.

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The project is also claiming to provide its users a non-fungible token (NFT) marketplace. Here, owners of pets can trade an NFT linked to their pet. Pawtocol says that a share from the proceeds would be given towards the welfare of animals.

Pawtocol states that data collected by pet owners can be aggregated and then studied to conduct research and owners can monetize the data shared on its platform.

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Pawtocol crypto

The project has its own native crypto, titled UPI. The Pawtocol coin would enable trade on the platform, besides being given to pet owners when they share data, the project claims. The UPI token would act as the medium of exchange enabling purchase of items like toys.

Also read: Which crypto is cheapest in top 100 cryptocurrencies?

Pawtocol crypto price

The UPI token of Pawtocol had a market cap of nearly US$21 million as of writing. It did not feature in the top 500 cryptocurrencies by market cap, but the Pawtocol crypto managed a place in the top 1,000.

The price was nearly US$0.08, which had appreciated alongside an uptick in the trading volume over the past 24 hours.

The Pawtocol crypto had a price tag of nearly US$0.06 at the beginning of 2022. In early February, the price rose to US$0.15, but it could not sustain and fell to nearly US$0.04 by the end of the month. The UPI token has manifested volatility, and hence Pawtocol crypto's price prediction for the remainder of 2022 is not possible.

Pawtocol crypto price in 2022

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Bottom line

Pawtocol is targeting the pet industry and is promising decentralized data storage, with an opportunity for pet owners to monetize their data. It has a native token, UPI, which acts as the medium of exchange inside the Pawtocol ecosystem. The token has a fairly low market cap as compared to large cap cryptos like Bitcoin and Shiba Inu.

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