A decentralized real estate trading platform built on smart contract platform Solana (SOL) saw its price rise and dip after gaining support from Coinbase.
Two days ago on the social media platform X, the top US-based crypto exchange platform said it had added Parcl (PARCL), a decentralized exchange (DEX) that lets users trade and invest in real estate using synthetic assets without the need to physically own any property.
[adinserter block="1"]Synthetic assets are tokenized, blockchain-based representations of real-world assets, such as securities and real property that can easily be swapped.
News of the addition caused the token to dip in price as it went from a peak of $0.586 on December 17th to a low of $0.408 just two days later. PARCL is trading for $0.418 a time of writing, a 9% decrease during the last 24 hours.
On December 15th, Coinbase added PARCL to its listing roadmap, signaling at the time that it was going to add support soon. At that time, the crypto exchange’s announcement triggered a 50% rally of the altcoin as it was moving for just $0.33 on December 10th.
PARCL aims to provide traders with global city indexes – including major cities such as New York, Miami Beach, San Francisco, Austin, Los Angeles, Chicago, and Dubai – and allow them to acquire tokens that represent a stake in a specific index.
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