Why do people trade PAXG?

* Store of value: It works like buying physical gold. If there is fear in the markets, high inflation, or wars, PAXG tends to rise.

* Inverse correlation: Often, when volatile cryptos (like Bitcoin or Altcoins) fall sharply, capital flows into PAXG for protection.

* No storage costs: You save on paying for a safe or physical bank custody.

Summary for your strategy

PAXG is basically digital gold. It is a defensive asset. By trading it in futures at 1x (as you are doing), you are using the futures platform to emulate a spot gold purchase.

Verdict: It is a "serious" coin (it is not a memecoin or a high-risk speculative tech project). Its price will do exactly what the international price of gold (XAU/USD) does.