Tether-Backed XPL Plasma Blockchain Falls 33% After 100% Pump: What Is Going On?
Posted On September 30, 2025
Tether (CRYPTO: USDT)-backed stablecoin blockchain Plasma (CRYPTO: XPL) has retraced by over 33%, following its 100% price increase after the token launch on Sept. 25.
What Happened: Economist Alex Kruger explained that a ~40% drop over two days was driven by profit-taking from recently unlocked non-U.S. initial coin offering participants, with abnormally high funding pointing to continued spot selling.
Once this eases, a strong upward move is expected.
Trader Altcoin Sherpa noted relentless selling with little rebound, taking a loss …
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