Pluton, the Good, Bad, and Sad
So when this coin was listed on Coinbase it had a listed Market Cap of only 13 Million with a 4% Circulating Supply..
It now displays a 24 million dollar MC with 9% of the Circulating Supply..
Now, I talked with one of the higher ups with Pluton on Twitter and they said that this was a "mistake" and that the circulating supply was always 9%.
Obviously I have no idea what goes on behind closed doors. From a psychological standpoint, people who thought the coin was twice as scarce on the most mainstream exchange (Coinbase)... Well, they're most likely going to sell off because it APPEARS that they slowly have been dumping more coins into circulation. I don't know if thats the case but it doesnt matter because again, IT APPEARS thats what happened.
After briefly reading the summary of how they intend to release new coins via community voting I wouldn't buy this coin. I wouldn't recommend ever buying this to be perfectly honest.
The fundamentals are.. really bad with this token. Essentially, the Pluton Token is used as a reward incentive and users who use their Pluton card get cash back, or Pluton.. Basically, you're just buying a token that is used as a reward for users. If Vista or another credit card asked you to invest in Vista Rewards would you? No, because why would I want to buy rewards. Just because its crypto rewards doesn't mean it gets a free pass. If your really want something with more utility or fundamentals buy CRO. It's like Pluton but not as bad lol.
You can make money trading this, but please don't HODL this thing, it has a long history of pumping, dumping and once everyone has forgotten about it a year later it pumps and dumps again. More users will see the "error" in the listing and dump the coin. This isn't a good spot for Pluton.
It now displays a 24 million dollar MC with 9% of the Circulating Supply..
Now, I talked with one of the higher ups with Pluton on Twitter and they said that this was a "mistake" and that the circulating supply was always 9%.
Obviously I have no idea what goes on behind closed doors. From a psychological standpoint, people who thought the coin was twice as scarce on the most mainstream exchange (Coinbase)... Well, they're most likely going to sell off because it APPEARS that they slowly have been dumping more coins into circulation. I don't know if thats the case but it doesnt matter because again, IT APPEARS thats what happened.
After briefly reading the summary of how they intend to release new coins via community voting I wouldn't buy this coin. I wouldn't recommend ever buying this to be perfectly honest.
The fundamentals are.. really bad with this token. Essentially, the Pluton Token is used as a reward incentive and users who use their Pluton card get cash back, or Pluton.. Basically, you're just buying a token that is used as a reward for users. If Vista or another credit card asked you to invest in Vista Rewards would you? No, because why would I want to buy rewards. Just because its crypto rewards doesn't mean it gets a free pass. If your really want something with more utility or fundamentals buy CRO. It's like Pluton but not as bad lol.
You can make money trading this, but please don't HODL this thing, it has a long history of pumping, dumping and once everyone has forgotten about it a year later it pumps and dumps again. More users will see the "error" in the listing and dump the coin. This isn't a good spot for Pluton.
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