XPL (Plasma) fell 11.71% in 24 hours.

Gate News Bot News, October 14, according to CoinMarketCap data, as of the time of writing, XPL (Plasma) is currently priced at $0.41, falling 11.71% in the last 24 hours, with a high of $0.92 and a low of $0.31. The current market capitalization is approximately $744 million.

Plasma is a high-performance Layer 1 blockchain specifically designed for stablecoins. It aims to provide near-instant, fee-less payments for stablecoins, with institutional-grade security. Plasma can process over 1000 transactions per second, with a block time of less than 1 second. The project is supported by well-known institutions including Bitfinex, Founders Fund, Framework, and others.

Important news about XPL recently:

1️⃣ Market volatility increases, XPL price falls sharply The price of XPL has fallen again after a brief rebound, with a decline of over 11% within 24 hours. This fluctuation may be related to the overall instability of cryptocurrency market sentiment. Investors have mixed expectations regarding the performance of the US stock market, leading to increased volatility in the crypto market. Some investors anticipate a quick recovery in the US stock market, but the price of XPL has yet to show a significant rebound, reflecting a cautious attitude in the market towards its short-term trend.

2️⃣ Competition in the Stablecoin Ecosystem Intensifies The Plasma network has recently experienced a massive outflow of stablecoins, with an outflow amount reaching $996 million within 24 hours. Meanwhile, the TRON network saw an inflow of stablecoins amounting to $1.1 billion. This data indicates that XPL's position in the stablecoin ecosystem is facing challenges, which may affect investor confidence and become one of the important factors for the decline in XPL's price.

3️⃣ Notable investor actions attract market attention The founder of Equation News, Vida, publicly stated that he has closed his long position on XPL, only to profit from short-term rebound gains. This operation reflects a cautious attitude among some investors towards the short-term trend of XPL, which may further influence market sentiment. However, Vida also expressed a preference for holding other assets long-term, indicating a certain level of confidence in the overall market.

From a technical perspective, the XPL price has been highly volatile recently, and after experiencing a significant fall, it has yet to find stable support. The current price is still a considerable distance from the previous high point, and the market may still be searching for a new equilibrium. Investors should closely monitor the performance of the US stock market and the liquidity trends of stablecoins to assess their potential impact on the XPL price.

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