The XPL -token of Plasma recorded a recovery of 113% at $ 1.54 within a few hours after crashing from $ 0.93 to $ 0.7218 after the Main Intaking of 25 September.
The first crash was probably the result of sales pressure, because users who received network airdrops received their positions.
Overcome
According to report On X, users received at least 9,304 XPL -Tokens via the distribution program, which created immediate delivery pressure as recipients converted to other assets.
After the sale had disappeared, XPL found strength for his recovery rally, supported by strong fundamental statistics in the plasma ecosystem. The token traded at $ 1.26 from the moment of the press.
Plasma works as a stablecoin-oriented blockchain platform supported by high-profile investors, including Bitfinex, Framework Ventures, Peter Thiel’s Founders Fund and Tether CEO Paolo Ardoino.
The project collected $ 500 million in June through its token offer and attracted more than 2,900 portfolios with deposits of a total of $ 1 billion during the initial financing phases. It also collaborated with Etherfi for an integration of $ 500 million from the Liquid strike protocol Ethereum Vult.
The network makes zero-fee USDT transfers possible, supports confidential payments and offers EVM compatibility for smart contracts in Ethereum style.
Network Fundamentals Back Recovery Back Recovery
According to Defillama, the total value of Plasma reached $ 3.4 billion within 24 hours after launch facts. The fast TVL accumulation reflects the high yields offered on the network to withdraw the initial liquidity and to establish a user base.
Dex volume on Plasma crossed $ 226 million on September 26, while the Stablecoin market capitalization on the network climbed to almost $ 4 billion.
An example of early traction is the use of Aave on the Plasma network. According to Blockworks Data Analyst Jack Mandin, Aave generated $ 57,000 in interest Within 24 hours on the network, which surpasses the performance of the protocol on Scroll and Gnosis over a period of two weeks.
The credit protocol also produced $ 6,000 in reserve income on the first day, which is larger than some smaller Aave implementations achieved for weeks or months. These fundamental statistics have probably contributed to the price recovery of XPL, because traders recognized the early adoption and liquidity acceleration options of the network.
The strong rebound, which comes in the midst of a week in which the crypto market throws 9% in value, indicates the strength of XPL among Crypto investors. Yet it is still to be seen whether token can keep its momentum the following days.
