Solana-based Parcl (PRCL) spikes as Coinbase lists token

Coinbase announced the listing of Solana-based decentralized real estate trading platform Parcl.

The crypto exchange will list the Parcl (PRCL) token on or after 9:00 AM Pacific Time on December 17, depending on liquidity conditions.

Coinbase plans to add the PRCL-USD trading pair once sufficient supply becomes available. According to the US-based crypto exchange, PRCL transfers can be made through both Coinbase and Coinbase Exchange. However, the rollout will be phased in, with availability restricted in some regions.

What is parcl?

Parcl is a decentralized real estate platform that provides access to city indices, including major destinations such as New York, San Francisco and London.

The project enables liquid real estate investment, allowing users to trade with up to 50 times leverage. At Parcl, investors can speculate or hedge on real estate price movements. These assets are represented by index prices that reflect the average price per square foot or square foot of real estate in a particular area.

Apart from this, Parcl is a member of the RWA Council, which aims to accelerate real-world assets in Solana (SOL). Other members include AgriDex, Baxus and Collector Crypt.

PRCL price

Parcl’s token creation event ended in April 2024, with 800 million PRCL distributed following the April 8 snapshot.

Coinbase added PRCL to its listing roadmap on December 14, coinciding with the token’s price increase. The token hit a multi-month high above $0.60 and then pulled back as the broader market mirrored Bitcoin’s decline from its previous all-time high.

Over the past 24 hours, Parcl price has risen by more than 13%, retesting its eight-month high. If the bulls take the initiative, the token’s value could target an all-time high of $0.73 on April 22, 2024.