Plasma $XPL has crashed: down 12% in a day and a quarter in 7 days. The $0.06 support level vanished in an instant.
Binance closed at $0.06384 on November 4 and $0.057 on November 5, down 10.7% in a single day, after hitting an intraday low of $0.05655. The 10,000 USDT you put in at $0.06384 yesterday was worth only about 8,930 USDT at the close—over 1,000 USDT wiped out in a day.
This isn’t just a case of getting dragged down by the broader market: open interest fell 15.82%, and funding rates turned negative, meaning shorts are paying. On November 1, the Hyperliquid vault lost $556,000 as XPL fell. And the token supply picture is even more painful: about $17.3 million worth of tokens (5.02% of the circulating supply) unlocked on October 25, with another 227.78 million tokens set to unlock on November 25.
Its market cap is down to about $275 million, a 96.6% drop from its all-time high of $1.68. For a coin in a steady decline with more unlocks lined up, the first thing to watch on a bounce is whether it can reclaim $0.06. If it can’t, it’s a cash machine for the bears. #Plasma
Binance closed at $0.06384 on November 4 and $0.057 on November 5, down 10.7% in a single day, after hitting an intraday low of $0.05655. The 10,000 USDT you put in at $0.06384 yesterday was worth only about 8,930 USDT at the close—over 1,000 USDT wiped out in a day.
This isn’t just a case of getting dragged down by the broader market: open interest fell 15.82%, and funding rates turned negative, meaning shorts are paying. On November 1, the Hyperliquid vault lost $556,000 as XPL fell. And the token supply picture is even more painful: about $17.3 million worth of tokens (5.02% of the circulating supply) unlocked on October 25, with another 227.78 million tokens set to unlock on November 25.
Its market cap is down to about $275 million, a 96.6% drop from its all-time high of $1.68. For a coin in a steady decline with more unlocks lined up, the first thing to watch on a bounce is whether it can reclaim $0.06. If it can’t, it’s a cash machine for the bears. #Plasma
