Key Takeaways
Can you believe Plasma’s price is sliding while everyone else is green?
So, apparently, upcoming unlocks, collapsing activity, and a nosedive in stablecoin TVL have crumpled XPL’s short-term dreams. Who knew?
On-chain signals? More like on-chain sighs.
Things like DEX volume, daily users, and transaction counts weren’t just dipping; they were practically plunging through November. It was like watching someone try to skateboard on ice – inevitable and a tad bit tragic.
And just for extra drama, Plasma [XPL] tumbled more than 11% in recent hours, while most of the market was wallowing in green envy. Oh, and Starknet [STRK] tagged along for the crushing free fall, because apparently, everyone’s in on the trend. 🙌
XPL pulled a classic post-launch plummet after its airdrop heroics. It’s a tale as old as time when 10,000 XPL went spluttering around the initial users and the bubble popped. Just like my last attempt at home brewing – ambitious but misguided.
What’s driving the Plasma token to say its goodbyes?
The really dramatic part? A looming unlock event on November 25th sparked the first wave of selling. It’s like having a ticking time bomb of 88.88 million XPL, valued at a whopping $18.13 million, waiting to detonate. And yes, this was pootling alongside other $80 million token unlocks across the sector. Someone saw a pattern but decided it was best to ignore it. 🚀
But while there’s cash and fireworks, elsewhere it’s pretty much the calm before the final crash. Stablecoin TVL tumbled 68% since October, and even set a measly 8.24% decline as a weekly challenge. They’re sitting pretty at a doughnut-sized $1.82 billion in stablecoin market cap.
Cumulative Transactions hit a new high – but that’s about the only high around here. Daily activity is cooling faster than my beer on a scorching summer day. Daily new users are a puny 137, and returning users are mostly nostalgic. 🍻
DEX Volume? Dropped to $8.39 million-a significant slump from its $47.81 million peak. Usage metrics are falling faster than my humble attempts at making sourdough. It’s like watching a skilled craftsman try to saw wood with a soup spoon.
Bears? More like Barbapapaes.
Charts are showing XPL is up to its bearish wiles, stuck inside a trend channel like a raccoon in a tree. Over the last five days, it’s down by a thrilling 36%. Someone probably said, ‘Bear market, bad omen’, somewhere.
The Bull Bear Power (BBP) was mighty dominant lately, and the volume wasn’t going anywhere, netting a negative $5.07 million. XPL’s like a slow train to doom-city, unless it suddenly breaks through that pesky upper resistance. Then, the game changes. Except it probably won’t – more drama!
All things considered, XPL is as gloomy as a rainy Sunday. Sellers appear to have all the tricks up their sleeves, and the on-chain activity just tags along for the downpour. Sure, bull action might make a comeback, but you wouldn’t know it from the price charts. They’re as silent as the neighbor’s cat – the one that probably watches all this unfold, purring silently in disdain. 🐱
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2025-11-25 05:17