The XPL token from Plasma is still holding around $0.86 and is attracting the attention of traders expecting a price recovery. In the past day, trading volume exceeded the total token supply — the turnover ratio reached 1.1, making XPL the most active token on the market.
Despite high interest and a notable presence in the news, this has not yet been reflected in the market value. The open interest in XPL has frozen just below $1 billion, with 67% of it remaining in longs. In the last 24 hours there were long liquidations totaling $3.3 million.
The token remains one of the most active on the Hyperliquid platform. 56% of major participants are betting on growth. However, the largest position on Hyperliquid is a short for $72.5 million.
Since the peak at $1.67, which was reached on September 28, the price of XPL has been steadily declining. Even news about integrating ChainLink as the main oracle did not help change the trend. The project shows promise of becoming a financial hub with a stablecoin, but so far has not convinced the market of its usefulness, which has disappointed some early investors.
XPL shows high liquidity despite the drop
Despite active attention, the XPL token continues to trade below $0.90 and is approaching its historical minimum of $0.74. Its launch coincided with a series of high-profile airdrops, including Aster (ASTER), but unlike its competitors, XPL did not show the expected growth even against the backdrop of the overall market recovery.
Nevertheless, XPL remains the most active token by the ratio of trading volume to market capitalization. In recent days, volumes have fluctuated from $2.4 billion to $1.7 billion, completely covering the circulating supply of 1.8 billion tokens. The market capitalization remains at $1.6 billion, indicating high liquidity and active trading.
XPL activity includes pairs with the Korean won, although liquidity on these markets changes quickly. Source: Cryptocompare
The main trading activity of XPL has shifted to Bybit, which accounts for more than 24% of daily volume, with another 18% on Binance. About 49% of trading is in pairs with the Korean won, but volumes on Upbit and Bithumb remain unstable. Currently, XPL continues to search for stable sources of liquidity.
XPL sales by the Plasma team — just rumors
One of the factors putting pressure on the XPL price has been rumors of possible insider sales. However, most tokens are under vesting and are stored at a single address on the BNB Chain network. No signs of funds being sent to exchanges or active sales have been found so far.
The head of Plasma, Paul Fax, also denied rumors of sales within the team. Nevertheless, some technical analysts believe that the XPL price could have been declining under someone’s control. Some tokens were indeed transferred to exchanges — market maker Wintermute was allegedly involved in these transactions.
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XPL quickly received listings on major platforms, and market makers are likely involved in maintaining volumes. Given the high-profile launch, sixth place in the blockchain ranking by TVL and stablecoin volume, XPL was considered a promising token capable of repeating the success of ASTER. However, the market remains cautious for now.
