Whales are rushing to buy Plasma’s XPL token just a day after its launch. Plasma’s mainnet went live yesterday with zero-fee USDT transfers using its PlasmaBFT system. It also launched with support from more than 100 decentralized finance (DeFi) projects.
Blockchain analytics platform Lookonchain data revealed heavy whale movements on X. Wallet ‘0x8393’ sold 249,999 HYPE worth $10.5 million and bought 7.92 million XPL. Wallet ‘0xcc07’ deposited 6.27 million USDC on Hyperliquid to purchase 5.28 million XPL at $1.19.
Additionally, wallet ‘0xF555’ bought 5.7 million XPL at $1.05 after depositing 6 million USDC. Meanwhile, wallet ‘0x790c’ grabbed a public sale allocation, purchasing 54.09 million XPL at just $0.05 each. That stash is now worth $50.4 million, giving the holder an unrealized profit of $47.7 million.
According to CoinMarketCap, XPL is trading at $1.49, seeing a spike of over 60%, with a 24-hour volume of $2.23 billion.
Market sentiment turns mixed
Data from Coinglass reveals a mixed sentiment regarding XPL. On Binance, the long-to-short ratio is at 0.6915, while OKX shows a lower figure of 0.43. This indicates that more traders are anticipating a downturn. However, among the top traders on Binance, the position ratios have shifted to 3.1431, suggesting that the bigger players are betting on a price increase.
Liquidations underscored volatility. Within one hour, $1.74 million in positions were wiped out, mostly shorts. Over four hours, total liquidations rose to $8.7 million. In 12 hours, they spiked to $39.23 million. Across 24 hours, losses totaled $55.69 million, split evenly between longs and shorts.
Plasma’s bold vision
Plasma launched yesterday with more than $2 billion total value locked (TVL) in stablecoins. This instantly placed it among the top 10 blockchains by liquidity. CEO Paul Faecks emphasized that “Stablecoins are Money 2.0,” highlighting global dollar access as a key goal.
However, investor Simon Dedic warned of near-term risks, staking, “Public sale participants are up 17x here. Most will take profits, creating heavy sell pressure.”
At the moment, whales are betting big on XPL, showing trust in Plasma. However, many early buyers hold huge profits, raising concerns about huge sell-off and sharp price swings.
Also Read: XPL Price Surges 58% As Plasma Mainnet Goes Live With Tether
