Why is Philcoin (PHL) crypto falling?

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Why is Philcoin (PHL) crypto falling?

 Why is Philcoin (PHL) crypto falling?
Image source: © Panteleev83 | Megapixl.com

Highlights:

  • Philcoin (PHL) is a philanthropic blockchain movement. 
  • Philcoin has a PhilApp and a PhilChat. 
  • Philcoin’s native cryptocurrency is PHL, a BEP-20 token.

The Philcoin (PHL) token fell nearly 3% in contrast to the global cryptocurrency market’s 5.5% surge on Tuesday morning. The PHL token declined 2.72% to US$0.1187, whereas the broader market rose 5.51% to US$912.57 billion at 4:06 am ET on Tuesday.

 

On July 4, Philcoin’s Executive Director Rosalinda Rivera and its brand ambassadors Israel Pena and Mathew Bismark met global leaders in South Africa for philanthropic projects. The token has been gaining traction since.

What is Philcoin (PHL)?

Philcoin calls itself a philanthropic blockchain movement. It aims to create the world’s largest philanthropist community to support different causes.

 

Its interactive ecosystem allows people to earn while using social media, television, and other communication methods, including the Internet of Things (IoT).

 

The company says its mission is to build a digital economy where everyone can generate wealth and, at the same time, support the UN’s sustainable development goals.

 

Its ecosystem includes PhilApp and PhilChat. The PhilApp is an all-in-one solution for IoT, chat, education, banking etc. One can earn PHL tokens by using its services.

 

On the other hand, PhilChat does not collect or store user data on servers and thus helps protect against hacking attacks. The app helps save money with low data usage without compromising internet speed. It also enables fast messaging and data sharing, including videos and photos.

Data Source: Coinmarketcap.com

PHL token:

PHL is a BEP-20 token. It is the native cryptocurrency of the Philcoin ecosystem and is used as a medium of exchange between network participants or for offering rewards.

Its current market cap was not immediately available on coinmarketcap. The token's trading volume rose 5.16% to US$245,000 on Tuesday. PHL's circulating supply is unknown, while its total supply stands at 5 billion.

It is available for purchase on MEXC, BKEX, and PancakeSwap (V2) crypto exchanges.

Bottom line:

The crypto market is currently highly volatile. Many crypto projects have paused withdrawals, for example, Celsius, Babel Finance and recently, crypto-trading platform Vauld have stopped withdrawals. Thus, investors must analyze the cryptos and invest only after due diligence.

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