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"To demote or devalue someone or something, as happened to the former planet Pluto when the General Assembly of the International Astronomical Union decided Pluto no longer met its definition of a planet."

Does not inherently note whether the demotion was with or without cause. This is the definition provided by the American Dialect Society, who coined the word.
The US dollar has plutoed in recent years.
plutoed by RadSavage August 19, 2009
Related Words

Poor Plutoer 

A person that has such bizarre sentimental attachment to a space rock, that is closer in relationship to a comet than it is the 8 true planets in our solar system, that they will fight tooth in nail with anyone who states that the reclassification was justified. They do so with fairly irrational arguments and by neglecting the facts involved.
Everytime someone posts a picture of the current solar system, these damn poor plutoers come out in tears and protest over a fucking space rock that has no impact in their lives what-so-ever. It ruins any conversation you try to have on a page.
Poor Plutoer by zerocool6687 January 11, 2013

Pautotivious 

An adjective describing a person that works subconsciously/or without noticing that they are working, like an android.
Manager: Carl is our best employee, he is very pautotivious.
to be demoted without due cause or reason
I was captain of the ship for one day, but then I was plutoed.
plutoed by DkLdAp December 17, 2006
to be demoted of rank just like ex planet pluto

to be lessened in rank
Youve been plutoed
Plutoed by Veggygirl714 August 20, 2009
"to demote or devalue someone or something WITH considerable cause."

- from the root word pluto, a name of a former planet, which was demoted and designated as 134340,(dwarf planet) because it didn't meet its definition of a Planet.
An employeed was plutoed from his company, for his wrongdoings.
plutoed by CyberJake January 10, 2007