Plasma’s native token XPL has been the talk of the market over the past 24 hours. Despite broader crypto uncertainty, XPL surged to an all-time high of $1.43 before cooling to $1.28, down 2.1% on the day. What makes this move fascinating is that it happened in the middle of a red market, where most altcoins struggled to hold gains. With a market cap now standing at $2.23 billion and 24-hour trading volume exploding by more than 355,000% to $6.77 billion, Plasma is forcing everyone to pay attention.
The token’s sudden rise isn’t just about speculation. It’s backed by one of the strongest viral launches we’ve seen in months, combined with a unique utility: gasless USDT transfers. Let’s break down the factors fueling this run and what’s next for XPL.
XPL’s price journey in the past day has been nothing short of dramatic. The token bottomed out at $0.6923 just 18 hours ago before mooning to $1.43, its ATH, in less than a day. This 100%+ rally in under 24 hours was triggered by a mix of fundamentals and hype.
At the core of Plasma’s appeal is its mainnet beta, which went live on September 25. Within just one hour, the network secured $250 million in locked USDT, proving demand for zero-fee stablecoin transfers. Unlike other blockchains, Plasma’s pitch is simple: send and receive USDT without paying gas fees, something retail traders and whales alike find irresistible.
The viral factor can’t be ignored either. A 10% airdrop of the total supply, now valued at over $1.2 billion, gave early adopters life-changing returns. Every depositor received a flat $10k allocation, with presalers now sitting on 200x+ profits. Add Cobie’s social media backing, exchange listings on KuCoin, OKX, and Gate.io, plus the launch of leveraged futures, and you get the perfect storm of FOMO and liquidity.
Still, after such a vertical move, a short-term pullback was inevitable. The price slipping to $1.28 suggests traders are locking in profits, but strong trading volume shows fresh demand remains. If momentum continues, retesting the $1.43 ATH or even higher isn’t off the table. Conversely, a dip below $1.10 could signal deeper consolidation.
Because of its viral airdrop, gasless USDT transfers, top exchange listings, and heavy hype.
Short-term volatility is likely, but strong utility and adoption give it longer-term potential.
Profit-taking by early airdrop winners and over-leveraged futures trading could trigger sharp dips.
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