A decentralized real estate trading platform built on the smart contract platform Solana (SOL) experienced fluctuations in its price after receiving support from Coinbase.
Two days ago, on the social media platform X, the leading US-based cryptocurrency exchange announced that it had added Parcl (PARCL), a decentralized exchange (DEX) that allows users to trade and invest in real estate using synthetic assets without the necessity of physically owning any property.
Synthetic assets are tokenized, blockchain-based representations of real-world assets, such as securities and real property, that can be easily exchanged. The news of the addition led to a price drop for the token, which fell from a peak of $0.586 on December 17th to a low of $0.408 just two days later. As of the time of writing, PARCL is trading at $0.418, reflecting a 9% decrease over the last 24 hours.
On December 15th, Coinbase added PARCL to its listing roadmap, indicating at that time that it would soon provide support. This announcement triggered a 50% rally for the altcoin, which was priced at just $0.33 on December 10th.
PARCL aims to offer traders global city indexes, including major cities such as New York, Miami Beach, San Francisco, Austin, Los Angeles, Chicago, and Dubai, allowing them to acquire tokens that represent a stake in a specific index.
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