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PLS Price Down 50% From Record High Despite PulseChain Airdrop Announcement

Key Takeaways:

  • Pulsechain announced the launch of its token airdrop on May 25.
  • However, PLS’s price dropped nearly 47% from its ATH.

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NEW DELHI ( — Blockchain platform Pulsechain announced the launch of its PLS token airdrop on May 25.

PulseChain is a full-state hardfork of Ethereum, which means it holds records of every transaction, user account, and smart contract interaction held on the Ethereum network. The project uses the Proof of Staked Authority (PoSA) consensus model.

The PoSA model incorporates native validator staking, a validator rotation system, and reward-slashing contracts. PulseChain claims to have the goal of “increasing the value of the Ethereum network.”

PLSUSD price action since its launch
PLSUSD price action since its launch. Source: CoinMarketCap

The PLS token uses the PRC-20 token standard, a variation of Ethereum’s ERC-20 standard. It is the native utility token of the platform and is used to pay transaction fees across the network. The token has a maximum supply of 4 trillion PLS.

ALso Read: Meta stock up 110% YTD as the company faces challenges in Q2 – what to expect?

After its launch on May 20, the PulseChain token price rose to its ATH of $0.0003026 on May 22. However, the rally was shortlived, as the PLS coin price dropped 47% to a daily low of $0.000174 on May 25. The token has recovered slightly since then.

PLS Token Airdrop and Listing

The PulseChain token airdrop began on May 25, with a shilling and marketing campaign from several crypto Twitter influencers accompanying the launch. Airdrops often attract users to a project, which could explain the PLS token price’s slight recovery as trading ended on May 25.

PulseChain claimed the PLS token airdrop would likely be the “largest airdrop in history,” resulting in PLS tokens airdropping across thousands of wallets holding ETH tokens.

The PulseChain token airdrop saw a massive shilling campaign on Twitter.
The PulseChain token airdrop saw a massive shilling campaign on Twitter.

Users with Ethereum token balances in non-custodial wallets can receive PLS tokens in a 1:1 ratio. Moreover, ETH holders do not need to take any specific steps to be eligible for the PulseChain airdrop.

Interestingly, the number of tokens available for the airdrop remained unclear.

Meanwhile, the PulseChain token secured a listing on the cryptocurrency exchange OKX on May 23. The exchange listed the PLS tokens on its spot trading markets, with only PLS/USDT trading pair available now.

PLS withdrawals would begin on May 26. However, the exchange said it would not support the PulseChain token airdrop.

The post PLS Price Down 50% From Record High Despite PulseChain Airdrop Announcement appeared first on CoinChapter.

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