XPL (Plasma) increased by 14.30% in the last 24 hours

Gate News Bot message, November 10th, according to CoinMarketCap data, as of press time, XPL (Plasma) is trading at $0.32, up 14.30% in the past 24 hours, with a high of $0.35 and a low of $0.23. The 24-hour trading volume reached $436 million. The current market capitalization is approximately $576 million, an increase of $72 million from yesterday. XPL is currently ranked 98th in the cryptocurrency market cap list.

Recent important news about XPL:

1️⃣ Rapid increase in mainnet trading volume and user base expansion Plasma’s mainnet processed 75 million transactions within a month of launch, averaging about 2 million transactions per day. The total number of users has exceeded 2.2 million, with about 20,000 new active wallets added daily. This data indicates that the Plasma network is quickly gaining market recognition and user adoption, providing a solid foundation for XPL.

2️⃣ Stablecoin supply surpasses $70 billion, ecosystem continues to expand The stablecoin supply on the Plasma network has exceeded $70 billion, making it the 5th largest chain globally, accounting for about 2% of the total stablecoin market. Major stablecoins include USDT0 ($4.9 billion) and sUSDe ($1.25 billion). The growth in stablecoin supply reflects Plasma’s significant position in the stablecoin ecosystem, which could positively impact XPL’s long-term value.

3️⃣ Whale holdings movements attract market attention, short-term volatility intensifies Recently, a whale address suspected of insider trading (“HYPE insider”) has been continuously increasing its XPL long positions, with a total holding value exceeding $58 million. This address has been adding to its position against the market trend, becoming the largest contract long position on Hyperliquid for XPL. Meanwhile, another major holder, “Abraxas Capital,” holds the largest short position on XPL contracts with over $10 million in unrealized gains. Additionally, “Whale Hunter Squad” leader KOL is positioning with 1x leverage around $0.277, with a position size of $80,000. This divergence in market sentiment and ongoing large-holder accumulation could lead to significant short-term price fluctuations.

From a technical perspective, XPL currently shows a sideways upward trend. Considering the strong performance in trading volume and user growth, as well as its important role in the stablecoin market, the medium to long-term outlook remains promising. Investors should closely monitor ongoing project developments, market sentiment changes, and potential regulatory impacts.

This message is not investment advice; please be aware of market volatility risks.