XPL (Plasma) 24-hour pump 2.68%

Gate News Bot message, November 5th, according to CoinMarketCap data, as of the time of writing, XPL (Plasma) is currently priced at $0.27, having risen 2.68% in the last 24 hours, reaching a high of $0.34 and a low of $0.23. The current market capitalization is approximately $484 million, a rise of $12.6 million compared to yesterday. Currently, XPL ranks 101st in global crypto assets market capitalization.

Plasma is a high-performance Layer 1 blockchain designed specifically for stablecoins, providing infrastructure for a new global financial system. Plasma supports nearly instant, free payments, with institutional-grade security, processing over 1000 transactions per second, and a block time of less than 1 second.

Important news about XPL recently:

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

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

3️⃣ Large holders continue to increase positions, market sentiment diverges A whale address known as “suspected HYPE coin insider” continues to increase its long position in XPL, accumulating a holding value of over 58 million USD. This address has increased its position against the trend in 4 days, becoming the largest long contract holder for XPL on Hyperliquid. Meanwhile, another large holder “Abraxas Capital” has become the largest short position holder for XPL contracts, with an unrealized profit exceeding 1000%. This divergence in market sentiment could lead to significant volatility in XPL prices in the short term.

From a technical perspective, XPL is currently showing a fluctuating upward trend. 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 still deserve attention. Investors should closely monitor the project's ongoing development, changes in market sentiment, and potential regulatory impacts.

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