Plutus crypto debit card's token crashes. What's next for PLU?

Highlights

• Amid the crashing market, the fall of Pluton (PLU) crypto caught our attention as it had recently gained traction and was among the top gainers.
• Every user of a Plutus crypto debit card is entitled to earn three per cent back in crypto rewards.
• As of writing, the native token of the Plutus debit card was down by 15 per cent to US$ 10.99 per token.

The cryptocurrency market has crashed, and the prices of almost all cryptocurrencies have dropped massively over the past two days. The prices of the world's two largest cryptocurrencies- Bitcoin and Ethereum (ETH), were down by about 3% and 1$.

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Bitcoin's dominance continues to decline, and it was down by 0.01% over the previous day. Meanwhile, the overall crypto market capitalization was down to US$ 1.47 trillion after it fell four per cent in the last 24 hours.

Amid the crashing market, the fall of Pluton (PLU) crypto caught our attention as it had recently gained traction and was among the top gainers.

As of writing, the native token of the Plutus debit card was down by 15 per cent to US$ 10.99 per token. Also, the 24-hours volume declined by 37% to US$ 3.1 million.

What is a Plutus crypto debit card?

The London-based company claims to offer crypto rewards to its users every time they shop with a Visa Debit Card. Plutus claim that users can get up to eight per cent of crypto rewards and additional benefits like subscription services for Spotify and Netflix.

Plutus also claims to offer free non-fungible tokens (NFTs), and users can set up an account with the company from anywhere in the United Kingdom or Europe.

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The official website mentions that Plutus is the next generation finance application, and Danial Daychopan founded it in 2015. The company claims that it is used by thousands of users across Europe, and it continues to grow the product.

Every user of a Plutus crypto debit card is entitled to earn three per cent back in crypto rewards in the form of the PLU crypto, which is the native token of Plutus.

Countries within the European Economic Area (EEA) have an option of swap crypto, which allows users to convert and spend their crypto assets at more than 60 million merchants. The PLU token can be converted into Euros through a decentralized exchange (DEX). 

Bottom line

On Monday, Plutus announced that its cards were officially out of stock and asked the interested people to join the waitlist. It appears that crypto enthusiasts have not taken this very well as the price of the PLU token has declined significantly.

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A user named 'sirrabocse' wrote on CoinMarketCap that the native token of the Plutus crypto debit card could be a part of the pump and dump scheme, and it won't be able to survive in an actual bear market.

Meanwhile, another user claimed that the PLU token is not going anywhere as it is highly unlikely that the general public will stake this token.

It is uncertain to predict the future of the Plutus crypto debit card token due to increased volatility in the market, and crypto enthusiasts must stay cautious before investing. 

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