This is one of the most interesting projects we’ve put our eyes on this year… We’ve found PAR while using Telegram, and we found it because PAR’s concept is absolutely viral, it’s made to be found by design. We strongly believe that sooner or later millions of people will find it too, they will use it, they will love it and so will their friends. Right now there’s “only” 10.000 active users using PAR, but it’s growth is getting exponential by the day.
So, what is Parachute?
It’s a an ERC20 token (PAR), currently with a tiny market cap of just $1,6M, with a total supply of 1 Billion coins and circulating supply of 390 Millions (view on etherscan.io). in December 2018 the team launched ParJar on Telegram, which is a crypto wallet that “lives” inside social media platforms, their goal:
– To make crypto fun.
– To make crypto easy.
– To make crypto social.
The thing is… when something is fun and easy, and on top of that it’s also social, it becomes viral!
And that’s exactly what’s happening, still a viral on an early stage, but checking all the ticks on the “viralization” requirements.
The best way to explain how Parjar works, is to try it. Basically, Parjar works on selected Telegram groups, and users just type something like “/tip 100 PAR” in reply to other users, and transactions are made by a Parjar Bot immediately. Telegram users can then interact in private with the ParJar bot and check their balances, withdraw (to any ERC20 wallet), deposit, convert, etc. And besides PAR, theres a ton of other coins included, so any user on the channel can “tip” other users also with ETH, BTC, BNB, etc.
Why is ParJar a “Big thing”?
Because it basically transformed Telegram into a Multi-Currency crypto wallet… much more easy to use than any other wallet, since it’s inside a social platform where people already know how to use and it’s fun AF… and Telegram is just their first social platform…
Theres a lot of Telegram Channels already using ParJar, all the way from other Crypto Projects such the already viral BOMB Token, to crazy “Tipping Rooms” where people are randomly tipping other users with coins, to contests where the group’s Admins giveaway coins to the winners, lots of Quizzes and games where they give Coins, and simple interactions where you provide some knowledge or post something interesting and other users give coins. Basically if you interact in a positive and constructive way inside a ParJar enabled channel, you will get rewarded. (The best way to explore ParJar, is to join Parachute’s Telegram Channel and say hello… they will most certainly tip you some PAR as a welcome gift).
– Besides the implementation of ParJar in other social platforms (and we can just speculate which ones by now), the team is committed to launch a single wallet between all platforms implemented in their own App, this will be a major accomplishment in every way.
– Currently when you withdraw coins from Telegram’s ParJar, you need to have some ETH to fuel the transaction costs, the team will make it possible to fuel transactions with PAR in the near future (making it even more easy for those new to the blockchain to make transactions, remember, many user’s first experience with Crypto will be through ParJar inside social channels).
– In 2020, the team will role out their merchant API, enabling online businesses to be paid with crypto at 50% of the regular costs.
– The team is planning to extend listing in bigger exchanges, just today they got listed on Mercatox, allowing traders not familiar with DEX to easily start trading PAR, and expanding their user base on big way.
– Currently with 10k active users, the team has a target of 1M active users in 2021 (check this extended Article on Reddit and their early White Paper).
How to get PAR?
– The cheapest way to get some PAR is by getting involved in their Telegram Communities, and in the process you’ll get other coins too 🙂 Thats a great way to test their platform and have a first feel of the potential.
– For anyone wanting to buy PAR directly at the exchange, I’d recommend using IDEX Decentralised Exchange or Mercatox (listed today)
Before starting with a technical chart, it’s perhaps interesting to go deeper on their Token Contract Overscan on Etherscan:
As you can clearly see (and if you check earlier dates) the interest popped a week ago, and thats when price started to move (next chart), this to say that this is just the beginning of something, an early stage move. With 10,000 active users, theres still just 3744 addresses holding PAR, this means that most of the distributed PAR is still inside Parjar on Telegram at this time, making the supply very limited (this is good for price projection, but also means crazy volatility before volume picks up).
Technical Chart (6h candles / IDEX: PARETH)
It’s still too early to perform proper technical analysis, the volume is still residual and the chart history is scarce… so the only thing we can do is to perform a simple chart read on the 6h candles.
The move is parabolic, but at the same time with huge corrections making it quite consolidated. The last big move was a non stop ride from 370 to 1900, followed by a quick drop to 760… just to test 1900 in less than 24h… with that said, be prepared for a wild ride. This is perfectly normal, theres not that much volume yet, there are huge gaps between supply and demand and the float is just too small, nevertheless this is a more than confirmed uptrend with basic references already printed. A breakout of 1900 will project a technical target near 3000, and that can happen anytime soon, if this was a more mature asset with a lot of liquidity I would say that it would be consolidating (maybe in a triangle formation) between the ascending trend line (near 700) and the HTH at 1900… but this is all going too fast for now, this type of formation could happen 10 fold higher…
– Short term strategy points to cautious positioning near 700/1000, maybe some profit taking at 1900 to ride the breakout move to 3000 risk free. Avoid stops (because they will trigger), instead use a small % of the portfolio that you are comfortable to forget about it.
– At current market prices, Parachute is worth around $1,6M, and that alone beats any technical opinion I may had… this project could be easily valued on the $50M or $100M range if they start accomplishing just some of the boxes in their plans. But If this really goes mainstream viral, then we are probably talking of something like $500M or even $1B in the long run. So the risk is just too little compared with the potential… a no-brainer coin to own in my opinion, as good as it gets in Crypto. A little position with a low portfolio % could be a great investment, then if this doubles, take 50% profit and ride the rest of the Parachute Adventure for the following years into mainstream, risk free.
– Buy and Forget it.
Coinsonfire is a new project that will try to provide serious analysis of Coins with Speculative short term Potential but also Long Term value. If you enjoyed this Analysis and want to connect for more, follow us on Twitter and Facebook.
Want to support our project? here’s our ETH wallet: 0x1cF3FDC5922AD93A2Bed2efbD7EB7E6F5ac734fc
(and email us to let us know, we won’t forget our early supporters!)