Overview

• XPL fell about 45–46% from an all-time high near $1.69 within days of launch, reversing its debut rally.
• In an Oct. 1 post, CEO Paul Faecks said no team or investor tokens have been sold under a three-year lockup with a one-year cliff.
• Faecks also rejected claims of any relationship with market maker Wintermute, saying Plasma has never contracted the firm.
• On-chain reviews highlighted large transfers to exchanges—about 600 million XPL—plus rapid exits by early winners, with 85% of the top 20 profitable wallets out.
• Analysts flagged concentration and liquidity risks, with over 70% of circulating supply in three exchange wallets and roughly $1.8 million in decentralized liquidity, while price showed a modest rebound and one whale accumulated nearly 30 million XPL.