XPL (Plasma) fell 5.95% in the last 24 hours

Gate News Bot message, November 3, according to CoinMarketCap data, as of the time of writing, XPL (Plasma) is currently priced at $0.28, having fallen 5.95% in the last 24 hours, with a high of $0.38 and a low of $0.25. The current market capitalization is approximately $505 million, a decrease of $31.97 million compared to yesterday.

Plasma is a high-performance Layer 1 blockchain designed specifically for stablecoins. It offers near-instant, free payments with institutional-level security. Plasma can process over 1000 transactions per second, with a block time of less than 1 second, and the transfer fee for USD₮ is $20. Currently, Plasma supports more than 25 stablecoins, with stablecoin deposits on the network reaching $7 billion, making it the fourth-largest network by USD₮ balance. Plasma has established partnerships with over 100 countries, covering more than 100 currencies and over 200 payment methods.

Important news about XPL recently:

1️⃣ Mainnet trading volume surges, user base expands Within one month of the Plasma mainnet launch, it processed 75 million transactions, averaging about 2 million transactions per day. The cumulative number of users has exceeded 2.2 million, with approximately 20,000 new active wallets added daily in recent times. This data indicates that the Plasma network is rapidly gaining market recognition and user adoption, providing a solid foundational support for XPL.

2️⃣ Stablecoin supply exceeds 7 billion USD The supply of stablecoins on the Plasma network has surpassed 7 billion USD, making it the 5th largest chain globally, accounting for about 2% of the total stablecoin market. Major stablecoins include USDT0 (4.9 billion USD) and sUSDe (1.25 billion USD), among others. The growth in stablecoin supply reflects Plasma's significant position in the stablecoin ecosystem and may positively impact the long-term value of XPL.

3️⃣ Whales continue to accumulate, market sentiment is diverging A whale address known as “suspected HYPE coin listing insider” has been continuously increasing its long position in XPL, with a total holding value exceeding 58 million USD. This address has increased its position against the trend within 4 days, becoming the largest long position player in XPL contracts on Hyperliquid. At the same time, another large holder “Abraxas Capital” has become the largest short position holder in XPL contracts, with an unrealized gain exceeding 1000%. This divergence in market sentiment may lead to significant volatility in XPL prices in the short term.

From a technical perspective, XPL is currently in a downtrend and may continue to face pressure in the short term. However, considering the strong performance of the Plasma network in terms of trading volume and user growth, as well as its important position in the stablecoin market, the medium to long-term development prospects are still worth paying attention to. Investors should closely monitor the project's continued development, changes in market sentiment, and potential regulatory impacts.

This message is not intended as investment advice; investors should be aware of market volatility risks.