There are two camps in the community right now. One is raving about the rise of Pearl [PRL], while the other wonders what it is.
Here’s what you need to know.
Pearl crypto rises 228% in a month, taps new high
Let’s start with the price, because that’s what everyone’s talking about.
On Uniswap v3, Wrapped Pearl [WPRL] was at $1.93 at the time of writing. In mid-September, it was near $0.59; that makes it a 228% jump up in a month!
Back in August, it barely moved from around $0.28. From there, it’s skyrocketed 7x.
Has the ride been smooth? No.
With its fall in early October, it looked like the party was over, but it continued. Since October 6, Pearl has gone up and touched $2.10 today.
The indicators look good, too. RSI was just past the overbought line and well above its signal line.
But an RSI above 70 after a run like this usually means things are getting a little hot. This means a pullback wouldn’t be shocking with what is being seen.
If it is able to hold above $1.80 [today’s low], it would keep buyers in control.
But what is Pearl?
This overnight sensation is a L1 blockchain that launched in April, built on Bitcoin’s [BTC] code. Where it gets more interesting is in the mining.
Instead of solving SHA-256 puzzles, miners do matrix multiplication,
which is the same math GPUs use to run AI models. Zk proofs keep verification cheap, and partners like Together AI then use it for actual customers.
While it is a good idea, there are a few catches.
Miners can feed in fake data and still earn PRL, so not all the mining it is seeing is “useful” yet. Then, running AI through Pearl also slows models by 10-15%, but an upgrade on testnet cuts that to 0-3%.
Then there’s supply, where about 1.01 million PRL gets mined every day, and 305 million more is said to be due over the next 12 months; nearly double what’s out there now. Added to all these is the fact that PRL trades on just two exchanges for now, with thin order books.
Final Summary
- Pearl crypto is up 228% in a month.
- It is a Bitcoin-based L1 that swaps hash puzzles for AI math.
