Key Takeaways:
- The price of PLC Ultima has fallen in recent months
- PLCU Coin was once valued at over $100,000. Today it fell to around $180
- Several people have pointed out that the project could be a scam and a rug pull
YEREVAN (CoinChapter.com) — In December 2021, amidst the launch of thousands of cryptocurrencies, PLC Ultima (PLCU) emerged as a new contender in the crypto market. Initially valued at a modest $0.10, its value spiked extensively, amid much hype and anticipation.
However, the PLCU price has consistently fallen since then, reaching to a new recent low today. Several people now allege the project could be a massive Rug pull.
According to CoinGecko, the PLCU coin price fell to $182 today. That is the lowest it has been in recent history. While that may not seem so low, it is a huge drop from its all-time high. On 5 April 2022, the coin rallied extensively, reaching an impressive $109,000.
Around that time, the alleged fully diluted market cap of the project was $1.2 trillion. Imagine that. Neither CoinGecko nor CoinChpter gives any details about PLC Ultima’s market cap today.
In February of this year, the token was still valued at around $20,000.
Is PLC Ultima (PLCU) a rug pull?
Red Flags about PLC Ultima being a rug pull the stem from its founder. Alex Reinhardt, the entrepreneur behind the project, has allegedly lost credibility in recent years. The reason? Other failed projects.
Several people in the crypto community have pointed out how Reinhardt floats a cryptocurrency only to dump it after some time.
Reinhardt was supposedly behind the infamous crypto rug pull SwissCoin (SIC). After amassing mass following, the project folded, suspiciously disappearing from the crypto scene.
Then, the German businessman founded PLATINCOIN (PLC). His new project, which he flaunts to this day on all possible platforms, created ripples in the industry. The PLC price gained amid buying craze, crossing the $60 mark.
However, on-chain data shows that he soon disbanded the project. Its price fell to as low as $0.001 last December. However, as the project began to fold, Reinhardt floated another platform, the Platin World.
The platform’s website describes it as “a global community of people who love innovative blockchain technologies” with a passion “for disruptive technologies”.
He has used the wide reach of the internet to create his “Alex Reinhardt Academy” where he teaches business and entrepreneurship.
Moreover, Platinum Coin (PLC) was reportedly flagged for financial fraud by the Mongolian Financial Regulation Commission. This further adds to the skepticism surrounding PLCU.
Moreover, the PLCU coin claims to be traded only on little-known exchanges. These inlcude Bibox, Coinsbit, Digifinex, and LBank.
So is the PLC Ultima a scam token and will it be a rug pull? Time will show. But if the online allegations against Alex Reinhardt hold merit, it is best to exercise caution.
