Whales Buy Plasma’s XPL Token After Mainnet Launch
Whales are rapidly buying Plasma’s XPL token just one day after its launch. Plasma’s mainnet went live yesterday, featuring zero-fee USDT transfers via its PlasmaBFT system. The launch included support from over 100 decentralized finance (DeFi) projects.
Blockchain analytics platform Lookonchain reported significant whale activity on XPL. Wallet ‘0x8393’ sold 249,999 HYPE tokens worth $10.5 million and purchased 7.92 million XPL tokens. Wallet ‘0xcc07’ deposited 6.27 million USDC on Hyperliquid to buy 5.28 million XPL at $1.19 each.
Another whale, wallet ‘0xF555’, bought 5.7 million XPL at $1.05 after depositing 6 million USDC. Wallet ‘0x790c’ acquired 54.09 million XPL during the public sale at $0.05 each. This holding is now valued at $50.4 million, yielding an unrealized profit of $47.7 million.
According to CoinMarketCap, XPL is trading at $1.49, up over 60%, with a 24-hour trading volume of $2.23 billion.
Market Sentiment Shows Mixed Signals
Data from Coinglass reveals mixed sentiment for XPL. On Binance, the long-to-short ratio is 0.6915, while OKX shows 0.43. This suggests more traders expect a price drop.
However, top traders on Binance have a long-to-short ratio of 3.1431, indicating that large players are betting on a price rise. Volatility is high, with $1.74 million in liquidations occurring within one hour, mostly shorts.
Total liquidations reached $8.7 million in four hours and $39.23 million in 12 hours. Over 24 hours, liquidations hit $55.69 million, split evenly between long and short positions.
Plasma’s Vision and Investor Concerns
Plasma launched its mainnet yesterday with over $2 billion in stablecoins locked, ranking it among the top 10 blockchains by liquidity. CEO Paul Faecks stated, “Stablecoins are Money 2.0,” emphasizing global dollar access as a key goal.
Investor Simon Dedic warned about short-term risks, saying, “Public sale participants are up 17x here. Most will take profits, creating heavy sell pressure.”
Currently, whales show strong confidence in XPL. However, many early buyers hold large profits, raising concerns about potential sell-offs and price volatility.
