Key Takeaways:
- Poor Pleb meme coin price registered a massive increase since its launch.
- PLEB claims to be a token focused on the welfare of the ordinary person.
NEW DELHI (CoinChapter.com) — The ongoing meme coin frenzy now has another participant, the Poor Pleb token. The project has enjoyed meteoric gains since its launch on April 21.
Developers of the project claim that the Pleb meme coin is an “experiment” to observe the impact of limiting token distribution to small participants. Per the project’s white paper “Plebfisto,” the Pleb token “serves only one purpose, to transfer wealth to the many from the few.“
After launching for $0.0000000048, the Pleb coin price rose more than 1,200% to form an all-time high near $0.00000006263. After that, however, it seems the plebs started selling to book profits, forcing the token to fall nearly 32% and form a daily low near $0.0000000426 on April 25.
Though CoinMarketCap has not verified the project’s market cap, Pleb has a self-reported market cap of $5.2 million, with a total supply of 123.123 billion PLEB coins.
What Is Pleb Coin?
PLEB is an ERC-20 token, which the developers claim has “absolutely zero features.”
Pleb Coin’s white paper states the project aims to redistribute wealth equally but claims it is not a communist and believes in the ideas of capitalism. To claim PLEB coins, the user must sign a statement from their contract address admitting that they are a pleb.
Pleb is a derogatory word that refers to an ordinary person, usually from the lower social or economic classes.
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The project would distribute tokens to traders with $1 to $1,000 worth of meme tokens like SHIB, CULT, FLOKI, BABYDOGE, ELON, etc., in their bags. However, the amount of free coins is capped for each address.
Furthermore, once the 69-day claim period expires, the free PLEB tokens will remain unminted.
CoinFabrik audited the project’s source code and found no critical issues. However, the audit turned up one medium, several minor issues, and some proposed enhancements. The firm audited Pleb’s source code, assuming that the code’s dependencies worked according to Pleb’s documentation.
Additionally, the report stated that the Pleb Coin team had resolved the issues raised by CoinFabrik.
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