Pluton (PLU) is a decentralised ecosystem that is powered by the Ethereum blockchain. Founded in 2015 by Danial Daychopan, Pluton (PLU) allows users to load their respective spending balance through contactless Visa cards and have the option to do so either in fiat currencies or cryptocurrencies. The London-based Fintech company offers a UK Account or a European IBAN, a non-custodial wallet to manage cryptos, and an in-built DEX, which allows the users to seamlessly swap assets within its system.
Users can send deposit requests using their PLU tokens and once the order is matched, the users can do transactions on the PlutusDEX. Besides, it also gives the benefit of zero fees and near-instant transaction. The users can earn up to 3% reward and other benefits from the protocol.
On 25 January, the token was setting the crypto market on fire registering a rally of well over 90% and a volume gain of over 1,500%.
Why is Pluton rallying?
Pluton is rallying on the back of the announcement of the Coinbase listing, which happened on 24 January. On Monday, Coinbase had announced the inbound transfer of five tokens -- Cryptex Finance (CTX), Dia (DIA), Maple (MPL), Pluton (PLU) & Unifi Protocol DAO (UNFI) on both Coinbase Exchange and Coinbase Pro.
While the listing happened on Monday, the trading will begin only from 25 January from 9:00 PT on trading pairs of PLU-USD, PLU-USDT, PLU-EUR, provided that the liquidity conditions are met.
The 892-ranked PLU token at the time of drafting was trading at US$15.83 with a trading volume of US$7,836,777 over a day. PLU token was setting the charts on fire and was up by well over 103.05% in the past 24 hours. Volume wise, it was up 171.36% with a live market cap of US$13,485,782 and 852,000 PLU coins in circulation.
Pluton has seen good market performance over the past five days, but it will be too early to call that a bullish rally. All in all, as investors bask in the glory of the PLU rally, they also need to be wary of a rally burn out, which could make the token extremely volatile.