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Pulsechain (PLS) price has been in a downward spiral since the SEC lawsuit against its founder, Richard Heart. The digital asset has plummeted 87% from its all-time high just after a few months of its much-awaited launch. There are no signs of any reversal yet.
On Thursday, Bitcoin price broke above $26,300, resulting in an increased buying activity in the market. The strength in the biggest cryptocurrency also caused a rebound in altcoins. PLS price was up 0.5% till press time as the coin changed hands at $0.000036 on exchanges.
On July 31, the Securities and Exchange Commission (SEC) charged the Hex and Pulsechain founder Richard Heart with misappropriating millions of dollars of investor funds. The regulator also alleged that the controversial millionaire raised more than $1 billion by offering unregistered securities.
Richard Heart was a controversial figure in the cryptocurrency space before even the lawsuit. However, the recent allegations have proved to be more than just bad news. Since the news, Pulsechain price has tanked by almost 64%. HEX crypto is also showing a similar price action.
If you have been following me on Twitter, you know that I was bullish on Pulsechain in the short term due to the increasing total locked value (TVL) on the network. However, the recent blow from the SEC has brought the Pulsechain to its knees. The TVL has fallen from $500 million to only $128 million.
This has flipped Pulsechain price prediction quite bearish for me. PLS price needs to break above the $0.000085 level to avoid a bearish outlook. This seems highly unlikely under the current market conditions as the liquidity dries up in the crypto markets. Another major cause of concern for PLS holders is the fact that the coin is still not listed on any major crypto exchange.
This post was last modified on Sep 14, 2023, 11:54 BST 11:54