XPL (Plasma) fell 31.06% in the last 24 hours.

Gate News Bot news, on October 11, according to CoinMarketCap, as of the time of writing, XPL (Plasma) is currently priced at 0.49 USD, having fallen by 31.06% in the last 24 hours, with a high of 1.07 USD and a low of 0.31 USD. The current market capitalization is approximately 890 million USD.

Plasma is a high-performance layer 1 blockchain specifically designed for stablecoins. It provides near-instant, free payments for stablecoins with institutional-level security. Plasma supports over 1000 transactions per second and block times of less than 1 second, with more than 15 stablecoins already issued on it. Currently, Plasma ranks 6th in the stablecoin network and has attracted support from several well-known investment institutions, including Bitfinex and Founders Fund.

Important news about XPL recently:

1️⃣ XPL price falls below issue price The price of XPL tokens has fallen below the issue price, currently reported at 0.7175 USDT. This price drop may be related to the waning support for Tether, reflecting a weakening of market confidence in XPL in the short term.

2️⃣ Famous investors re-enter the market after significant losses After closing a position with a loss of 21.53 million dollars, Ma Ji Dage Huang Licheng once again opened a long position in XPL with 5x leverage, holding 500,000 XPL, valued at 375,000 dollars, with an opening price of 0.7531 dollars. This operation, while showing the continued confidence of some investors in XPL, also reflects the high volatility and risk of the market.

3️⃣ Large short positions increase A whale with an address starting with 0x4f7 continues to increase its short position in XPL, adding over 1 million coins, bringing the total position to 10.19 million dollars, with an unrealized profit of 2.96 million dollars. This indicates that some large funds have a cautious attitude towards the short-term trend of XPL, which may create sustained pressure on the price.

From a technical perspective, the XPL price has recently shown a significant pullback and is currently experiencing a sharp decline below 1 dollar. The increase in large short positions may continue to exert pressure on the price. However, the re-entry of some well-known investors may provide certain support to the market. Investors should closely monitor market trends and weigh the risks.

This message does not constitute investment advice, and investors should be aware of market volatility risks.