Planet (PLA): Why the Latest 16% Rise Is Just the Beginning
Planet (PLA) is an airdropped token used for rewards in e-sports activities. It has a diverse use case and can even be used to book flights.
For updates and more regarding the development of Planet (PLA) you should check them out on Twitter.
Online activities are experiencing increased interest as the people of the world collectively shelter in place. Around the globe, people have turned to their social media profiles and online chat services to keep in touch with their self-isolating friends and loved ones.
In Japan, e-sports is one industry seeing a recent surge in participation. And one altcoin poised to take advantage of the industry’s rise in popularity is Planet (PLA).
Oyuncumuz @TR_Tansu28 bu haftasonu Londra’da gerçekleşecek olan ve sadece 20 oyuncunun katılacağı 2K turnuvasında kulübümüzü temsil edecek. Başarılar Tansu! 💚#KazanmakKafadaBaşlar#2getherSTRONGER pic.twitter.com/NVwhveO5bZ
— Futbolist (@FutbolistCo) December 13, 2019
What Exactly is Planet (PLA)
Planet (PLA) is best known as a reward token in the Japan-based e-sports industry. Distributed by airdrop, these coins are inextricably linked with another cryptocurrency, MOGU.
According to the Planet (PLA) white paper,
“Planet tokens are tokens that are distributed one-to-one with MOGU tokens. The MOGU token is a token operated by MOGUTECHNOLOGIES and is distributed as a token for the internet revolution through the MOGU router. The Planet token is a token for implementing Japan-specific customization and planning while having the same function as the MOGU token.”
Further expounding on the token’s strength, the whitepaper states,
“The value of tokens is increased by circulation. Therefore, the cryptocurrency called exchange token tends to increase in value because a certain amount of circulation amount is secured. Furthermore,since Planet is used as the settlement currency on the platform that the Idevex project will develop, it can be expected to be a large distribution beyond the traditional exchange token framework. By creating a place and an opportunity where tokens can be used, we will ensure the recyclability and the economic zone, and increase their value.”
Interestingly, Planet (PLA) has a diverse use case and is employed to settle transactions in the case of arbitrage between exchanges. And now it can also be used to book flights, so there’s that too.
Brief Market Analysis of Planet (PLA)
Planet (PLA)is ranked number 528 by coinmarketcap.com. With a total market capitalization of US $2,912,941 , PLA boasts a volume of US $19,300,008 over the past 24 hours. Currently there are 19,990,000 tokens circulating out of a total supply of 5,000,000,000. According to Planet (PLA), no more tokens will be created.
Up nearly 16% on the day, Planet (PLA) is showing great strength during the worldwide economic downturn global markets are currently experiencing. Currently trading at US $.14572, Planet (PLA) may see further gains in the near future as the online activities of the world’s self-isolating masses continue to increase.
Disclaimer: This article is not meant to give financial advice. Opinions herein are purely the author’s and do not necessarily reflect those held by Crypto Gazette. Do your own research before investing. Thanks.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.