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

4 min read | May 09, 2022 03:35 PM AEST | By Ankit Sethi

What is Philcoin crypto and is this SDG-focused token safe? — Image source: Pixabay.com

Highlights

Cryptos are reeling from a bearish phase, with only a few lesser known cryptos’ price in green
Philcoin crypto is said to be a blockchain project with focus on Sustainable Development Goals
Though PHL token has traded in green, enthusiasts must not overlook its low trading volume

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.

Philcoin crypto price

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

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.