Overview

• XPL fell roughly 45–46% within days of its late-September launch after spiking to about $1.66–$1.69, and it now trades 40–45% below its peak.
• The CEO denied any sales by team members or early investors and said Plasma never contracted Wintermute as a market maker.
• On-chain trackers cited large exchange inflows of roughly 600 million XPL, while the project had disclosed about 800 million unlocked at launch for DeFi liquidity.
• More than 70% of circulating tokens sat in three exchange wallets and decentralized liquidity was about $1.8 million, a 0.09% liquidity ratio that can magnify price swings.
• Analysts reported 17 of the 20 most profitable early wallets exited, leveraged bulls saw about $10 million in liquidations, and a whale accumulated nearly 30 million XPL over three days.