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Highlights
- The Pluton crypto was launched in 2016 and it operates on the Ethereum blockchain.
- Pluton crypto is the utility token of Plutus, a project that offers debit cards to customers but rewards them through cryptocurrency.
- Currently, the Pluton crypto trades on cryptocurrency exchanges like Coinbase, HitBTC, and Huobi Global.
The price of the Pluton (PLU) cryptocurrency catapulted around 43 per cent over the previous day and was trading at US$ 13.5 per token at 11:30 AM EST.
Meanwhile, the one-day volume skyrocketed 450% to US$ 10.9 million, according to CoinMarketCap data. The surge in the price and volume of the Pluton crypto came unexpectedly as the market crashed rapidly after showing signs of recovery on May 5.
As of writing, the price of Bitcoin had declined rapidly by 9.2 per cent and Ethereum (ETH) fell 8.8 per cent in the last 24 hours. Also, the global crypto market cap was narrowed down to US$ 1.64 trillion after plummeting 8.3 per cent.
What is Pluton (PLU) crypto?
The Pluton crypto was launched in 2016 and it operates on the Ethereum blockchain. It is the utility token of Plutus, a project that offers debit cards to customers but rewards them through cryptocurrency.
According to the official website, Plutus is owned by a company named Block Code Ltd and it is located in England and Wales. It claims to offer the Pluton crypto to users of its Visa debit card.
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Plutus mentions that it is promoting the concept of earning cryptocurrency as reward instead of purchasing the virtual currencies on cryptocurrency exchanges.
The customers of the debit card can reportedly add the Great Britain Pound (GBP) or Euros to start spending. Plutus claims to offer at least three per cent as crypto rewards after the card is used for spending.
Bottom line
The surge in the price of the Pluton crypto could be due to an announcement on Twitter. The project shared a thread of its chief executive officer, which claimed to explain the strength of the Pluton crypto.
Plutus claims that users can earn more rewards by staking the Pluton crypto. The project is said to offer services of a decentralized exchange to enable users to swap their digital assets in exchange of fiat currency.
Currently, the Pluton crypto trades on cryptocurrency exchanges like Coinbase, HitBTC, and Huobi Global. As cryptocurrency market is witnessing an increased volatility, it is difficult to predict the future of Pluton crypto and investors should remain cautious before investing.
Also Read: Bitcoin SV (BSV) crypto records surge in price and volume. What's next?
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